Giving a major relief to street vendors amid the lockdown imposed due to the novel coronavirus pandemic, Finance Minister Nirmala Sitharaman on Thursday announced Rs 5000 crore Special Credit Facility for street vendors.
Sitharaman said that the scheme will support nearly 50 lakh street vendors whose livelihood has been adversely impacted due to COVID-19.
The Finance Minister said that the Government will launch a special scheme within a month to facilitate easy access to credit the street vendors. She said that the initial working capital will be up to Rs. 10,000.
Sitharaman added that digital payments will be incentivized through monetary rewards and enhanced working capital credit would be made available for good repayment behaviour.
On Thursday, Finance Minister Nirmala Sitharaman said the second tranche of the economic stimulus package will benefit migrant workers, street vendors, and small farmers.
She announced free foodgrains for an estimated 8 crore migrant workers for next two months at a cost of Rs 3,500 crore.
The FM also announced 'One Nation, One Ration Card' system to allow national portability of ration cards for the people, who can now avail the benefits under the PDS system wherever they are in the country.
The announcement comes two days after Prime Minister Narendra Modi announced a Rs 20 lakh-crore stimulus support to boost different sectors and help farmers and poor which have been facing a tough time during the nationwide lockdown continuing for over 40 days to contain the spread of the coronavirus pandemic.
(With inputs from Agencies)