At a public event conducted at Jawaharlal Nehru Stadium on Thursday evening, Prime Minister Narendra Modi laid the foundation stone for the two new Delhi Metro tracks and gave checks to five recipients of the PM-SVANidhi project.According to Modi, the previous administrations did not address the problems facing street sellers or give any thought to their requirements. He made this statement about Modi in front of the attendees who were recipients of the microcredit program PM-SVANidhi, which is intended for street vendors. Narendra Modi went on to say that he himself faced financial difficulties growing up. He expressed care and respect towards those fighting an adverse lifestyle.Loans allocated 100,000 additional loans were made available nationally on Thursday as part of the activities leading up to the 2024 Lok Sabha elections under the Union Ministry of Housing and Urban Affairs (MoHUA) program. The Prime Minister took aim at the opposition Indian National Developmental Inclusive Alliance (INDIA), claiming that their actions were driven by corruption, poor governance, and the promotion of anti-national sentiment, while he was concerned with the well-being of all citizens for the good of the country. Watch PM Modi distributing loans:#WATCH | Prime Minister Narendra Modi distributes loans under the PM SVANidhi scheme to 1 lakh street vendors (SVs), including 5,000 SVs from Delhi, at Jawaharlal Nehru Stadium in Delhi. pic.twitter.com/hH04BDAX8y— ANI (@ANI) March 14, 2024Progress made The PM went on to say that people without any collateral may be sure of Modis Guarantee, alluding to PM-SVANidhis lack of collateral requirements. According to him, 6.2 million recipients of help totaling ₹11,000 crore have benefited thus far, with over 50% of them being female. Benefits of SVANidhi schemePM Modi shared that the program not only helped the street sellers become financially integrated but also introduced them to the SVANidhi se Samriddhi Yojana, which allowed them to receive benefits from other welfare programs administered by several ministries. He mentioned government-instituted free gas hookups, free medical care, and free rations. Additionally, he emphasized the revolutionary nature of the One Nation One Ration Card program, which permits free rationing from any location in the nation.Housing and Transport Improvement According to the Prime Minister, one crore residences have been allocated for Indias urban poor, with 3,500 of those homes currently under construction in Delhi and 3,000 previously completed. He remarked that the Delhi Metro network has grown twice in the last ten years and that it is one of the largest networks among a small number of cities worldwide.He also cited the National Capital Regions and Delhis connectivity via the NaMo Bharat Rapid Rail. PM Modi shared that in efforts to reduce pollution in the city, the central government is operating over 1,000 electric buses in Delhi.SVANidhi initiativeThe PM SVANidhi initiative, which was launched in June 2020 during the first wave of Covid-19, is a microcredit facility that allows street vendors to receive loans up to Rs. 50,000 without the need for collateral. The first tranche is available to the beneficiaries for Rs. 10,000. After they successfully return the loan, they become eligible for a second loan of Rs. 20,000, and after that, a third tranche of Rs. 50,000. Under the program, digital transactions are rewarded with rewards up to Rs. 1,200 annually, and regular repayments are incentivized with a 7% interest subsidy.Other dignitaries in attendance included lieutenant governor of Delhi VK Saxena, union minister Hardeep Singh Puri, who leads the MoHUA, and minister of state for finance Bhagwat Kishanrao Karad.
