Union Finance and Corporate Affairs Minister Nirmala Sitharaman reiterated the government’s commitment to prioritising women entrepreneurs under the flagship Pradhan Mantri Mudra Yojana scheme during a recent event. This scheme, aimed at providing financial assistance, particularly to women, was discussed in the context of the PM SVANidhi Se Samriddhi program, which offers loans to street vendors.
The Focus on Women Entrepreneurs:
Sitharaman emphasised that women entrepreneurs receive top priority under the Pradhan Mantri Mudra Yojana scheme, designed to empower them through financial support. She highlighted that 60 out of 100 beneficiaries under the scheme are women, reflecting a deliberate effort to boost female participation in small businesses.
Using Technology to Eliminate Middlemen:
The Finance Minister recalled the launch of the Jan Dhan-Aadhaar-Mobile Trinity, a technological initiative that streamlined the process of providing financial aid directly to beneficiaries. The move aimed to eliminate intermediaries, addressing concerns raised by former Prime Minister Rajiv Gandhi, who noted that a significant portion of funds intended for beneficiaries was lost to middlemen.
PMSVANidhi and Socio-Economic Upliftment:
SUNidhi Se Samriddhi, an additional component of the PM SVANidhi scheme, was introduced to facilitate access to eight Central government schemes. These initiatives are designed to contribute to the holistic development and socio-economic upliftment of eligible PM SVANidhi beneficiaries and their family members.
Financial Incentives for Street Vendors:
Sitharaman highlighted the success of the PMSVANidhi scheme, particularly its impact on street vendors. The scheme offers a unique feature where beneficiaries who repay their initial loan on time can see their loan amounts increase progressively, up to Rs 50,000. A QR code system has also been implemented to provide additional benefits and commissions to the beneficiaries.
Aspirational Districts Initiative:
The Finance Minister explained that the reason for launching the scheme in Rameswaram was to focus on “aspirational districts,” such as Ramanathapuram and Virudhunagar in Tamil Nadu. These districts are identified for special attention to ensure their comprehensive development. Sitharaman mentioned that over 2,200 street vendors in Rameswaram and more than 5,000 in Virudhunagar are set to benefit from the scheme.
Entitlement vs. Empowerment:
Addressing the audience on the topic of ‘entitlement vs. empowerment,’ Sitharaman stressed the importance of not just making beneficiaries aware of schemes but empowering them to grow and become job creators. The Finance Minister urged media, public, and local government authorities to ensure that every eligible street vendor in the district avails the benefits of the scheme.
The event showcased the government’s ongoing efforts to support women entrepreneurs and uplift the socio-economic status of street vendors. By combining financial assistance with technological innovations, the government aims to eliminate middlemen and ensure that the benefits of schemes reach the intended beneficiaries directly, fostering empowerment and sustainable growth in the identified aspirational districts.
