Nirmala Sitharaman emphasizes priority to women entrepreneurs under flagship government scheme

Accident – Death – Obituary News : Union Finance and Corporate Affairs Minister Nirmala Sitharaman emphasized the prioritization of women entrepreneurs under the Pradhan Mantri Mudra Yojana scheme, the flagship program of the Indian Government aimed at providing financial assistance to beneficiaries. During a distribution ceremony of sanction letters to beneficiaries under the PM SVANidhi Se Samriddhi program, which offers loans to street vendors, Sitharaman urged municipal officials to identify uncovered street vendors and help them avail the benefits of the scheme.

SVANidhi Se Samriddhi is an additional component of the PMSVANidhi scheme, designed to provide access to eight central government schemes for eligible PM SVANidhi beneficiaries and their family members, promoting holistic development and socio-economic upliftment.

Sitharaman highlighted the significance of the Jan Dhan-Aadhaar-Mobile Trinity initiative, stating that it enables beneficiaries to receive direct financial aid from the government, eliminating the involvement of middlemen. The late Rajiv Gandhi’s observation that only a fraction of the funds actually reaches the beneficiaries resonated with Sitharaman, leading Prime Minister Narendra Modi to advocate for the use of technology to ensure direct transfer of funds to beneficiaries, thus eliminating middlemen.

The mass movement to open bank accounts for beneficiaries aimed to achieve full coverage of the scheme nationwide, according to Sitharaman. She emphasized that the Pradhan Mantri Mudra Yojana scheme specifically aims to empower women entrepreneurs, offering them loans through banks. Sitharaman noted that 60 out of every 100 beneficiaries of the scheme are women, highlighting the priority given to women under this initiative.

The Pradhan Mantri Mudra Yojana scheme was launched on April 8, 2015, with the objective of providing loans up to Rs 10 lakh to non-corporate, non-farm small and micro enterprises.

Sitharaman also discussed the introduction of the PMSVANidhi scheme, which provides loans to street vendors through banks, aiming to assist this vulnerable group. She highlighted the loan repayment system, whereby beneficiaries who repay a loan of up to Rs 10,000 on time can access larger loan amounts, with the potential to increase up to Rs 50,000. Furthermore, beneficiaries receive a QR code that enables them to receive commission, making the scheme popular nationwide.

The Finance Ministry is currently reviewing the progress of the scheme, and Sitharaman chose to launch it in Rameswaram due to the identification of Ramanathapuram district, along with Virudhunagar in Tamil Nadu, as “aspirational districts” in need of developmental support.

As part of her visit, Sitharaman offered prayers at the revered Ramanathaswamy temple, one of the 12 Jyotirlinga shrines. She also participated in a similar event at the Government Medical College in the Virudhunagar district.

After distributing the sanction letters to beneficiaries under the PM SVANidhi Scheme, Sitharaman urged the media, public, and local government authorities to ensure that every street vendor in the district avails the benefits of the scheme. She highlighted the difference between entitlement and empowerment, stating that while entitlement raises awareness about the scheme, empowerment enables beneficiaries to gradually become job creators by utilizing the scheme’s benefits.

Sitharaman disclosed that 7,982 beneficiaries have already received loans under the PM SVANidhi Scheme. She called upon the people of Virudhunagar, the media, and the authorities to identify eligible street vendors, inform them about the scheme, and encourage them to take advantage of its benefits.

Virudhunagar, along with Ramanathapuram, was chosen as one of the 116 Aspirational Districts by the Indian government, aiming to foster growth across all sectors. Sitharaman has previously engaged with the respective District Collectors of both Virudhunagar and Ramanathapuram to discuss areas in need of improvement in these districts.

During the event, Indian Overseas Bank, as the convenor for the State Level Bankers Committee (SLBC) and lead bank for Ramanathapuram and Virudhunagar districts, handed over bank loans to 6,679 people. The bank expressed its commitment to the success of the PM SVANidhi initiative.

The presence of Department of Financial Services Secretary Vivek Joshi, Indian Overseas Bank MD and CEO, and Chairman of the SLBC, Ajay Kumar Srivastava, further highlighted the significance of the event..