Union Budget 2025: Loan scheme for street vendors to be revamped, Rs 1 lakh crore urban fund to be set up

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Union Finance Minister Nirmala Sitharaman presents the Union Budget 2025-26 successful the Lok Sabha, successful New Delhi, Saturday, Feb. 1, 2025. (Sansad TV via PTI Photo)

To boost incomes for the municipality poor, Finance Minister Nirmala Sitharaman Saturday announced a revamp of Prime Minister Street Vendors Atma Nirbhar Nidhi (PM SVANidhi), the existing tiny moving superior indebtedness strategy for thoroughfare vendors, successful her Union Budget 2025 speech.

Sitharaman said: “Our authorities has been giving precedence to assisting municipality mediocre and susceptible groups. A strategy for the socio-economic upliftment of municipality workers volition beryllium implemented to assistance them amended their incomes, person sustainable livelihoods and a amended prime of life. PM SVANidhi strategy has helped implicit 68 lakh thoroughfare vendors, giving them respite from high-interest informal assemblage loans. Building connected this success, the strategy volition beryllium revamped with enhanced loans from banks, UPI-linked recognition cards with Rs 30,000 limit, and capacity-building support.”

PM SVANidhi was launched successful 2020 erstwhile the Covid-19 pandemic and the lockdowns deed thoroughfare vendors. Under the scheme, vendors tin avail themselves of loans of Rs 10,000, Rs 20,000, and Rs 50,000. As galore arsenic 95.84 lakh loans worthy Rs 13,741 crore person been disbursed truthful far.

Sitharaman besides announced the mounting up of an ‘Urban Challenge Fund’ of Rs 1 lakh crore that would instrumentality proposals for “cities arsenic maturation hubs, originative redevelopment of cities and h2o and sanitation.

“This money volition concern up to 25 per cent of the outgo of bankable projects with a stipulation that astatine slightest 50 per cent of the outgo is funded from bonds, slope loans, and PPPs. An allocation of Rs 10,000 crore is projected for 2025-26,” she said.

The concern curate projected an expenditure of Rs 96,777 crore for the Housing and Urban Affairs Ministry, marking a 17 per cent summation from Budget 2024-2025 (Rs 82,576.57 crore). The revised estimation for 2024-2025, however, was Rs 63,669.93 crore.

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