[ad_1]
Amaravati:
Andhra Pradesh Chief Minister YS Jagan Mohan Reddy has launched the PM Street Vendors AtmaNirbhar Nidhi (PM SVANidhi) scheme, meant for extending collateral-free loans as much as Rs 10,000 every to road distributors, however named it after himself, drawing flak from the BJP.
The Chief Minister renamed the Central Sector Scheme, fully-funded by the Union Ministry of Housing and Urban Affairs, after himself as ‘Jagananna Todu’, claiming that the Andhra Pradesh authorities would bear the total curiosity on the loans.
Slamming the Chief Minister over this, the state BJP identified that Jagan Mohan Reddy has usurped another Central scheme and affixed his personal title 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 basic secretary S Vishnuvardhan Reddy stated in a press release.
Under PM SVANidhi, the distributors availing of loans are eligible to get an curiosity subsidy of seven per cent.
The Andhra Pradesh authorities, nonetheless, made it a zero curiosity scheme, saying the curiosity quantity could be reimbursed each quarter and credited into the debtors account.
The Centre launched the PM SVANidhi as a particular micro-credit facility for road distributors to assist them resume their companies after the COVID-19 Unlock.
The Government of India has appointed three senior IAS officers – Sumita Dawra, S Suresh Kumar and Saurabh Gaur – as Central Nodal Officers to observe the efficient implementation of PM SVANidhi.
Launching the scheme by way of a video convention with a number of the beneficiaries, the Chief Minister stated road distributors had a vital share within the economic system, however had been thus far pressured to rely upon personal moneylenders for working capital wants.
“The street vendors are in the unorganised sector and 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 by offering them institutional credit,” Jagan Mohan Reddy stated.
In the primary section 9.05 lakh road distributors within the state could be given Rs 905 crore as interest-free mortgage, he stated.
“If you repay the loan promptly, the banks will extend fresh credit, even higher amounts,” the Chief Minister added.
He assured that no eligible vendor could be neglected of the scheme and the applying course of would proceed for one or two extra months.
Ministers PRC Reddy, Botsa Satyanarayana, A Suresh, M Sankara Narayana and officers took half within the occasion.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
[ad_2]
Source hyperlink