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India Gazette
3 days ago
- Business
- India Gazette
5 years of PM SVANidhi scheme: 4.79 lakh street vendors in Gujarat become self-reliant
Gandhinagar (Gujarat) [India], May 31 (ANI): Prime Minister Narendra Modi's PM SVANidhi Scheme has proven to be a boon for street vendors and small businesses across the country, improving their livelihoods and living standards, said a press statement from Gujarat on Saturday. Gujarat has established itself as a leading state in successfully implementing the Prime Minister's ambitious scheme. Launched on June 1, 2020, under the visionary leadership of Prime Minister Narendra Modi, the PM SVANidhi Scheme is a flagship initiative of the Ministry of Housing and Urban Affairs, Government of India. Its objective is to empower street vendors nationwide and integrate them into the formal financial system. Under the leadership of Chief Minister Bhupendra Patel, the Gujarat government has implemented the scheme in mission mode, ensuring seamless loan disbursement, digital registration, and continuous support for vendors in urban areas. As it celebrates its fifth anniversary in June 2025, this transformative scheme has become a model of livelihood empowerment, determination, and inclusive economic growth over the past five years. Gujarat has consistently outperformed expectations in the successful implementation of Prime Minister Narendra Modi's ambitious PM SVANidhi Scheme. The state achieved its first target of providing loan facilities to 3 lakh beneficiaries by July 2023 on time. Subsequently, it surpassed the second target of reaching 4 lakh beneficiaries by October 2024, securing the second position nationally. In recognition of this excellent performance, the Central Government increased Gujarat's target to providing loans to 5.20 lakh beneficiaries in November 2024. Gujarat has successfully achieved 92.14 per cent of this revised target, and in this regard, it ranks fourth at the national level. So far, a total of 4,79,141 street vendors have benefited from the scheme. They have been provided with working capital loans and various types of support, which have improved their livelihoods and helped them become more economically empowered and stable. The Government of India has supported Gujarat's efforts in the successful implementation of the PM SVANidhi Scheme by providing Rs 30.47 crore in interest subsidies. This scheme is being operated under 100 per cent central funding. This financial assistance has reduced the repayment burden on vendors, enabling more people to participate in the scheme. So far, over 4.79 lakh vendors in Gujarat have received the first loan installment, while 1.71 lakh vendors have received the second installment, and 42,176 vendors have been given the third installment. Under the leadership of Chief Minister Bhupendra Patel, the Gujarat government has ensured timely loan distribution and financial inclusion for all street vendors by organizing targeted loan disbursement camps, digital literacy programs, and collaborating with financial institutions. Gujarat has placed a strong emphasis on digital inclusion and financial literacy for street vendors under the PM SVANidhi Scheme. The state regularly conducts digital literacy camps, uses penny drop transactions to familiarize vendors with real-time payment systems, and hosts mega disbursement camps to encourage wider participation and outreach. These initiatives guarantee smooth onboarding and timely delivery of benefits. Resulting street vendors received total Rs. 15.87/- Cr. Cash Back using digital transaction. Additionally, Gujarat's success is supported by robust institutional collaboration with the State Level Bankers' Committee (SLBC) and various financial institutions. Designated loan disbursement days on Fridays and Saturdays ensure quick, predictable access to loans for street vendors. Special drives and onboarding efforts across all Urban Local Bodies (ULBs) ensure that no vendor is left behind, facilitating comprehensive coverage and inclusion. Gujarat's remarkable success under the PM SVANidhi Scheme is a shining example of the state's unwavering commitment to street vendors and their empowerment. Through the effective use of digital technologies, promotion of financial inclusion, and active collaboration with various key stakeholders, the Gujarat government has ensured that thousands of street vendors gain access to essential resources and are able to strengthen and grow their businesses. Through these collective efforts, Gujarat has demonstrated that capable governance at the state level can not only transform lives but also empower communities and take strong steps toward economic development from the grassroots. (ANI)
Indian Express
5 days ago
- Business
- Indian Express
Knowledge Nugget: Why is Urban Challenge Fund important for your UPSC exam?
What is the Urban Challenge Fund? Take a look at the essential concepts, terms, quotes, or phenomena every day and brush up your knowledge. Here's your knowledge nugget for today. (Relevance: Government initiatives and schemes are important for your exam. Questions have been asked around themes related to urbanisation in both Prelims and Mains, making it an important topic for your preparation.) While presenting the Budget 2025-26, Nirmala Sitharaman announced that the government will set up the Urban Challenge Fund of Rs 1 lakh crore to implement the proposals for 'Cities as Growth Hubs', 'Creative Redevelopment of Cities', and 'Water and Sanitation.' 1. The Urban Challenge Fund is designed to address three aspects. First, to make cities productive and efficient centres of economic growth (cities as growth hubs); second, to develop and redevelop them in a creative way (creative redevelopment of cities ), and third, to improve infrastructure. (Water and sanitation). 2. The fund will provide 25 per cent financing for bankable projects, with a stipulation that at least 50 per cent of the cost will be raised through bonds, bank loans, and Public-Private Partnerships (PPP). 3. Under the fund, while the government plans to give Rs 10,000 crore, cities are expected to get the remaining Rs 40,000 crore from floating municipal bonds, entering into private-public partnerships, and taking loans, according to a Ministry of Housing and Urban Affairs source. 4. Under 'creative redevelopment of cities', existing cities with high levels of congestion could be refurbished. This fund would encourage cities to raise market finances, as opposed to the Rs 10,000 crore Urban Infrastructure Development Fund (UIDF) announced in the Budget 2023-2024. What is urbanisation? Urbanisation is the process of transformation that occurs as a society evolves from predominantly rural to predominantly urban areas. It involves the increase in the proportion of a country's population residing in urban areas, leading to the expansion and growth of cities and towns. Additionally, it encompasses not only the physical expansion of cities but also their social, economic, and cultural transformations. The Indian Census identifies two categories of 'urban' areas: 1. Statutory towns — those which have urban local bodies like municipal corporation, municipality or municipal committee. 2. Census towns — All those places satisfying the following 3 criteria: a) Population of atleast 5000 persons. b) Minimum population density of 400 persons per sq. km. and c) 75 per cent of the male workforce is employed in non-agricultural activities 📍Megacities are cities with exceptionally large populations, often exceeding ten million inhabitants. These cities face unique challenges due to their scale, such as traffic congestion, inadequate housing, and strained infrastructure. 📍Gentrification refers to the transformation of a space or region with the displacement of people belonging to a certain class due to the influx of investment and affluent classes into that area. 📍Urban Sprawl refers to the unplanned and uncontrolled expansion of cities and towns, often resulting in the encroachment of urban areas into surrounding rural or undeveloped areas. Challenges of urban expansion 1. The major concerns in cities like Delhi, Mumbai, and Kolkata are overcrowding, inadequate infrastructure, housing shortages, and traffic congestion. The demand for water, sanitation, transportation, and healthcare is outpacing the capacity of urban systems, leading to inefficient service delivery and environmental degradation. 2. Millions live in slums without access to basic amenities. Social inequality remains a critical issue, with marginalised groups often excluded from growth opportunities. 3. The lack of private investment has been a major concern for the government. At present, the central and state governments finance over 75 per cent of city infrastructure, while ULBs finance 15 per cent through their own surplus revenues. Only 5 per cent of the infrastructure needs of Indian cities are currently being financed through private sources. 1. As per the latest report on municipal finances by the RBI (November 2024), municipal corporations (MCs) generate feeble revenue collection, adding up to merely 0.6 per cent of GDP for FY24. The revenue receipts are not just puny when compared with the receipts of the Centre (9.2 per cent) and state governments (14.6 per cent) but are also heavily dependent on property tax as the prime source of revenue. 2. The report also highlighted the undue overreliance on the central and state governments for transfers. For FY23, cumulative grants from the Centre and the states increased by 24.9 per cent and 20.4 per cent, respectively, with central transfers accounting for 2.5 per cent of the MCs' total revenue receipts. 3. According to the World Bank report, over 600 million people are expected to live in Indian cities by 2036, signalling an extensive urban expansion. A World Bank report estimates that India will need to invest $840 billion (Rs 70 lakh crore) over the next 15 years — or an average of $55 billion (Rs 4.6 lakh crore) per annum — into urban infrastructure if it is to effectively meet the needs of its fast-growing urban population. Municipal Bonds Muni bonds are seen as one of the ways for MCs to raise funds. These are debt securities issued by local governments and MCs to raise funds to fulfil their financial obligations. Investors facilitate the working of a muni bond by lending money to the local government in return for interest for a specific period of time. The creation of the Urban Challenge fund recognizes the potential of Muni bonds. 5. The Bangalore Municipal Corporation issued the first muni bond in 1997 to raise Rs 125 crore. As per SEBI, since 2017, merely 17 muni bonds have been issued, with an amount hovering around approximately Rs 2,800 crore. To render these bonds safe for investors, SEBI came up with guidelines for the issuance of municipal bonds in 2015. Post read question Consider the following statements: 1. Gentrification is the uncontrolled expansion of cities and towns, often resulting in the encroachment of urban areas into surrounding rural or undeveloped areas. 2. The Mumbai Municipal Corporation issued the first municipal bond. Which of the following statements is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) None Subscribe to our UPSC newsletter. Stay updated with the latest UPSC articles by joining our Telegram channel – IndianExpress UPSC Hub, and follow us on Instagram and X. 🚨 Click Here to read the UPSC Essentials magazine for May 2025. Share your views and suggestions in the comment box or at Khushboo Kumari is a Deputy Copy Editor with The Indian Express. She has done her graduation and post-graduation in History from the University of Delhi. At The Indian Express, she writes for the UPSC section. She holds experience in UPSC-related content development. You can contact her via email: ... Read More
Time of India
25-05-2025
- Business
- Time of India
Hyderabad Metro Rail Phase 2: Telangana CM Requests ₹24,269 Crore for Hyderabad Metro Phase-II and Defence Corridor Status from PM Modi, ET Infra
Advt Advt Telangana Chief Minister A Revanth Reddy on Saturday called on Prime Minister Narendra Modi and sought approval for the Hyderabad Metro Rail Phase-II project worth ₹24,269 crore and official recognition of the Hyderabad-Bangalore defence manufacturing corridor. The chief minister made a comprehensive presentation to the Prime Minister on four key areas -- metro rail expansion, regional connectivity infrastructure, semiconductor ecosystem development and defence manufacturing sector growth in the state, according to a release by the Telangana the meeting held separately at Bharat Mandapam here, Reddy sought cabinet approval for Hyderabad Metro Rail Phase-II, which envisages expansion of 76.4 km across five corridors. The existing Phase-I covers 69 km across three corridors and was implemented at a cost of ₹22,000 to the funding pattern, the Centre's share would be 18 per cent (₹4,230 crore), state government's contribution 30 per cent (₹7,313 crore) and the remaining 48 per cent (₹11,693 crore) would be through debt financing."No expansion has been taken up in the last 10 years by the previous government. The present government has submitted comprehensive proposals for Phase-II expansion," Reddy told the Prime state government had submitted the proposals to Ministry of Housing and Urban Affairs on November 4, 2024, and has already provided clarifications sought by the ministry, the release chief minister pointed out that Chennai Metro Phase-II (₹63,246 crore) was approved in October 2024, while Bangalore Metro Phase-II (₹14,788 crore) got nod in April 2021 and Phase-III (₹15,611 crore) in August also sought approval for the Regional Ring Road comprising northern and southern corridors around Hyderabad. The northern part from Sangareddy to Choutuppal covers major towns including Narsapur, Toopran, Gajwel, Jagdevpur and the northern corridor, NHAI has already initiated land acquisition with the state sharing 50 per cent of LA costs. Awards for over 90 per cent land have been sent to NHAI for approval and tenders have been CM requested simultaneous development of both northern and southern parts, citing traffic saturation on existing Outer Ring Road with over one lakh vehicles per day."Unless both parts are taken up simultaneously, the roads cannot be put to efficient use. Delayed implementation of southern part will lead to cost escalation," he state also proposed Regional Ring Railway parallel to the 370-km ring road and a greenfield expressway from Bandar port to dry port near Hyderabad to boost the pharmaceutical Telangana's semiconductor ecosystem with global R&D centres of AMD, Qualcomm, NVIDIA and manufacturers like Foxconn and Kaynes, Reddy sought the Centre's support for India's Semiconductor Mission (ISM) projects."Telangana offers seismic safety, industrial land, skilled workforce and strong infrastructure making it ideal for semiconductor investments aligned with the target of USD 500 billion electronics production by 2030," he Chief Minister sought official notification of Hyderabad-Bangalore defence corridor, pointing out that other states receive policy support while mature ecosystems like Hyderabad are hosts over a dozen Defence PSUs, 1,000-plus MSMEs and has attracted global majors including Lockheed Martin, Boeing, GE, Safran and requested fast-track approvals for defence joint ventures, assured government orders for OEMs, and Production Linked Incentive scheme for defence MSMEs facing high investments and long gestation CM also sought to host the next DefExpo in Hyderabad, emphasizing the city's position as the largest Make in India hub for aerospace and defence was in the national capital to attend the 10th governing council meeting of government think tank NITI Aayog. Later, the Chief Minister met Union Minister for Heavy Industries H D Kumaraswamy and discussed state issues.
Deccan Herald
24-05-2025
- Business
- Deccan Herald
Centre approves Rs 800 crore for Delhi Jal Board under AMRUT scheme
A meeting was held earlier this month between the Delhi Jal Board (DJB) officials and the apex committee on the AMRUT scheme under the Ministry of Housing and Urban Affairs where funds were approved under the Yamuna cleaning project.
Time of India
24-05-2025
- Business
- Time of India
Telangana CM Revanth Reddy seeks PM Modi's nod for Rs 24,269 cr Hyderabad Metro Phase-II, defence corridor status
Telangana Chief Minister A Revanth Reddy on Saturday called on Prime Minister Narendra Modi and sought approval for the Hyderabad Metro Rail Phase-II project worth Rs 24,269 crore and official recognition of the Hyderabad-Bangalore defence manufacturing corridor . The chief minister made a comprehensive presentation to the Prime Minister on four key areas -- metro rail expansion, regional connectivity infrastructure, semiconductor ecosystem development and defence manufacturing sector growth in the state, according to a release by the Telangana government . In the meeting held separately at Bharat Mandapam here, Reddy sought cabinet approval for Hyderabad Metro Rail Phase-II, which envisages expansion of 76.4 km across five corridors. The existing Phase-I covers 69 km across three corridors and was implemented at a cost of Rs 22,000 crore. According to the funding pattern, the Centre's share would be 18 per cent (Rs 4,230 crore), state government's contribution 30 per cent (Rs 7,313 crore) and the remaining 48 per cent (Rs 11,693 crore) would be through debt financing. "No expansion has been taken up in the last 10 years by the previous government. The present government has submitted comprehensive proposals for Phase-II expansion," Reddy told the Prime Minister. The state government had submitted the proposals to Ministry of Housing and Urban Affairs on November 4, 2024, and has already provided clarifications sought by the ministry, the release said. Live Events The chief minister pointed out that Chennai Metro Phase-II (Rs 63,246 crore) was approved in October 2024, while Bangalore Metro Phase-II (Rs 14,788 crore) got nod in April 2021 and Phase-III (Rs 15,611 crore) in August 2024. Reddy also sought approval for the Regional Ring Road comprising northern and southern corridors around Hyderabad. The northern part from Sangareddy to Choutuppal covers major towns including Narsapur, Toopran, Gajwel, Jagdevpur and Bhongir. For the northern corridor, NHAI has already initiated land acquisition with the state sharing 50 per cent of LA costs. Awards for over 90 per cent land have been sent to NHAI for approval and tenders have been floated. The CM requested simultaneous development of both northern and southern parts, citing traffic saturation on existing Outer Ring Road with over one lakh vehicles per day. "Unless both parts are taken up simultaneously, the roads cannot be put to efficient use. Delayed implementation of southern part will lead to cost escalation," he said. The state also proposed Regional Ring Railway parallel to the 370-km ring road and a greenfield expressway from Bandar port to dry port near Hyderabad to boost the pharmaceutical sector. Highlighting Telangana's semiconductor ecosystem with global R&D centres of AMD, Qualcomm, NVIDIA and manufacturers like Foxconn and Kaynes, Reddy sought the Centre's support for India's Semiconductor Mission (ISM) projects. "Telangana offers seismic safety, industrial land, skilled workforce and strong infrastructure making it ideal for semiconductor investments aligned with the target of USD 500 billion electronics production by 2030," he said. The Chief Minister sought official notification of Hyderabad-Bangalore defence corridor , pointing out that other states receive policy support while mature ecosystems like Hyderabad are overlooked. Hyderabad hosts over a dozen Defence PSUs, 1,000-plus MSMEs and has attracted global majors including Lockheed Martin, Boeing, GE, Safran and Honeywell . Reddy requested fast-track approvals for defence joint ventures, assured government orders for OEMs, and Production Linked Incentive scheme for defence MSMEs facing high investments and long gestation periods. The CM also sought to host the next DefExpo in Hyderabad, emphasizing the city's position as the largest Make in India hub for aerospace and defence manufacturing. Reddy was in the national capital to attend the 10th governing council meeting of government think tank NITI Aayog . Later, the Chief Minister met Union Minister for Heavy Industries H D Kumaraswamy and discussed state issues.
