NEW DELHI; Loans worth Rs2,500 cr has been given in a single day to street vendors, small scale busiensses and cattle rearers at a credit outreach program on Sunday. Finance Minister Nirmala Sitharaman and Lok Sabha Speaker Om Birla handed over the cheques to some beneficiaries, and others will get their loan amounts during the course of the day.

Finance Minister Nirmala Sitharaman said, the PM SVANidhi plan does not require the submission of any paperwork as a guarantee because Prime Minister Narendra Modi has already provided one.

"Under the PM SVANidhi scheme, loans will be provided to more than 2,300 street vendors. No document is required to be submitted as a guarantee under it because PM Modi has already provided one "When delivering more than 33,000 loan sanction letters to recipients of several central government initiatives as part of a credit outreach programme, she informed a crowd in Kota, Rajasthan.

A central government programme called PM SVANidhi was started in 2020 to make it easier for street vendors to get access to inexpensive working capital loans so they can resume earning a living when the lockdown was lifted.

It offers working capital loans up to Rs 10,000 at reduced interest rates.

In the meantime, the Finance Minister addressed the following to students at an event in Kota: "Since business begins in the states, ensuring that it is easy to conduct business is not just the responsibility of the federal government. The central government has the power to enact laws, significant regulations, and policies that ease many of the responsibilities." She stressed accessibility and informed the students that they could speak with the government "and will be granted a meeting with the minister or the concerned officer. The idea is that you ought to read the government's FAQs before coming. You are welcome to come to us if you still don't receive answers to your questions ".

While speaking at the outreach programme, Lok Sabha Speaker Om Birla praised the Finance Minister for motivating the country's young, women, and farmers to go along the path of self-reliance.

He added that India has the world's fastest-growing economy and has surpassed the United Kingdom to take over as the fifth-largest economy globally.

FM Sitharaman to participate in credit outreach program in Kota tomorrow

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