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AP CM launches PM SVANidhi scheme, names it after himself

Published

2 months ago

November 25, 2020

Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy launched the PM Street Vendors Atma Nirbhar Nidhi (PM SVANidhi) scheme. Therefore this meant for extending collateral-free loans. Up to Rs 10,000 each to street vendors. However he named it after himself, drawing strong criticism from the BJP.

The Chief Minister renamed the Central Sector Scheme, after himself. He named it as ‘Jagananna Todu’. Claiming that the state government would bear the full interest on the loans. However the state BJP pointed out that Jagan has usurped one more Central scheme. Similarly they slammed against starting that he affixed his own name to it.

“PM SVANidhi has been brought in as part of the Atma Nirbhar Bharat package post-Covid-19. It is shameful that the Chief Minister has changed the schemes name,” BJP state general secretary S Vishnuvardhan Reddy said in a statement.

Under PM SVANidhi, the vendors availing of loans eligible to get an interest subsidy of seven per cent. The AP government, however, made it a zero interest scheme. They added that the interest amount would be reimbursed and credited into the borrowers account.

The Centre introduced the PM SVANidhi as a special micro-credit facility for street vendors. Therefore this to help them resume their businesses. After the Covid-19 Unlock. The scheme launched through a video conference.

“The street vendors are in the unorganised sector. Have no access to institutional credit. The private lenders charged 3, 4 or even 10 per cent interest. We wanted to usher in a change in their lives. This by offering them institutional credit,” Jagan said.

In the first phase 9.05 lakh street vendors in the state given Rs 905 crore as interest-free loan he stated. Similarly if loans promptly, the banks extend fresh credits. Even higher amounts given. He assured that no eligible vendor left out of the scheme. Similarly the application process continue for one or two more months.

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