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Micro credit for street vendors to receive boost with help of digital technologies

By Ruchika Kumar Published 08 Jan 2023

Micro credit for street vendors

New Delhi, January 07, 2023: The year 2023 is all set to witness an increasing focus of the government on providing micro credit facilities to street vendors in the range of ₹ 3,000-5,000 with the help of digital technologies.

The move is set to expedite the efforts of the PM Street Vendor's Atma Nirbhar Nidhi (SVANidhi) Scheme, which was launched in June 2020, to provide collateral free and affordable loans to street vendors. The pan India roll out of 4G and 5G services will further provide impetus to the existing scheme that initially had aimed at empowering street vendors to recover losses incurred as a result of the COVID-19 pandemic.

Speaking at the Digital India Awards, Union IT and Telecom Minister Ashwini Vaishnaw confirmed the same while elucidating that Prime Minister Narendra Modi has allocated around Rs 52,000 crore for taking 4G and 5G services across all nooks and corners of the country for digitally connecting every citizen.

He stated, "In 2023 there will be a big focus on providing credit facilities to street vendors in a simplified manner to meet small credit requirements of ₹ 3,000-5,000."

Moreover, the minister also shared that the country will see the roll out of indigenously developed 4G and 5G technologies in 2023.

According to the Union Minister, India will soon witness the setting up of an electronic chip manufacturing plant in line with PM Modi's vision to make India self-reliant in the field of technology.