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Government announces Rs 5,000 crore easy credit for street vendors

Government announces Rs 5,000 crore easy credit for street vendors

Government announces Rs 5,000 crore easy credit for street vendors
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By CNBCTV18.com May 14, 2020 5:29:03 PM IST (Updated)

FM Sitharaman added that an estimated 50 lakh street vendors will be avail the special credit facility.

The Finance Minister on Thursday announced a Rs 5,000 crore easy credit for all street vendors. The government will launch a special scheme within a month to facilitate easy access to credit to street vendors.

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She added that an estimated 50 lakh street vendors will be able to avail the special credit facility and it will provide an initial working capital of up to Rs 10,000, she further stated.
Digital payments will be incentivised through monetary rewards and enhanced working capital credit would be made available for good repayment behaviour, noted Sitharaman.
Finance Minister was announcing the second tranche of the Rs 20 lakh crore stimulus announced earlier by PM Modi. In this tranche, the FM announced measures for the benefit of migrant workers, street vendors and small farmers.
She also announced that the government will supply free food to eight crore migrants in the country for the next two months and a number of reforms in the pipeline for unorganised workers.
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