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GoI launches PM SVANidhi scheme
On June 1, 2020, Government of India launched the Pradhan Mantri SVANidhi Scheme for street vendors. The Union cabinet has cleared the credit amount for the scheme as well.
The PM SVANidhi or PM Street Vendors Atmanirbhar Nidhi is a credit facility scheme that will help more than 50 lakh urban and rural street vendors. The scheme will help the street vendors restart their livelihoods.
Under the scheme, Rs 10,000 of credit is to be provided to street vendors. The street vendors shall return the amount as monthly installments within a year.
The scheme was announced by Finance Minister Nirmala Sitaraman during her announcement of package of Atma Nirbhar Bharat Abhiyan.
Atma Nirbhar Bharat Abhiyan
The scheme announced Rs 20 lakh crore package to revive Indian Economy. The amount allocated is 10% of India’s GDP.
How was 10% of GDP fixed?
The member countries at the United Nations fixed that 10% of GDP is to be spent on reviving economies. This was fixed by the Global Plan framed at the United Nations.