GANGTOK,(IPR): A State-Level PM SVANidhi Praise Award was organised by the DAY-NULM, Urban Development department at Chintan Bhawan today. The event was graced by Bhoj Rai, Minister for Urban Development (UDD) and Food & Civil Supplies departments as the Chief Guest.
Also present were ward councillors, Gangtok, Jitendra Raje, commissioner-cum-secretary, UDD, MT Sherpa, secretary, UDD, Jigmee Wangchuk Bhutia, Mission Director, DAY-NULM, UDD, Kumar Nitesh, regional manager, SBI, Mr R B Bhandari, commissioner, GMC, chairman and vice chairperson of Namchi Municipal Council, presidents of Rangpo, Gyalshing, Mangan Nagar Panchayats, Municipal Executive Officers (MEOs), UDD officers, SHGs under DAY-NULM (National Urban Livelihood Mission), bankers, street vendors and PM SVANidhi beneficiaries.
In his address, minister Bhoj Raj Rai expressed his privilege in witnessing the remarkable achievements of the State’s micro entrepreneurs. He proudly stated that Sikkim has set a benchmark in urban development and entrepreneurial growth by excelling in the PM SVANidhi scheme, showcasing the efficiency of its governance and commitment to improving the lives of its people.
He emphasised that the PM SVANidhi scheme was launched with a clear purpose to empower the backbone of the urban economy. He highlighted that success is a two-way street, urging beneficiaries to utilize funds wisely, repay on time, and contribute to both business growth and community development. He also stressed the importance of understanding the loan process thoroughly.
Acknowledging the critical support of banks, the minister noted that small loans provided to low-income communities have helped break the cycle of poverty by facilitating investments in income-generating activities, thus paving the way for economic empowerment. He mentioned that public participation plays a key role in the success of government schemes aimed at specific targets.
He commended the tireless efforts of the officials and teams involved in implementing the scheme at the grassroots level. Their work in ensuring that every eligible vendor is reached has been instrumental in fostering financial inclusion and promoting sustainable livelihoods for hardworking individuals, he added. He concluded by reaffirming the government’s commitment to providing continued support to empower communities.
In his keynote address, Jitendra Raje extended a warm welcome to the esteemed dignitaries and attendees of the event. He highlighted the significance of the PM SVANidhi scheme, which was launched during the challenging times of the COVID-19 pandemic with the primary objective of providing support to street vendors. This initiative, he explained, was designed to empower a large number of individuals whose livelihoods were impacted by the crisis.
He elaborated on the benefits of the scheme, particularly its potential to improve beneficiaries' creditworthiness by upgrading their Credit Information Bureau (India) Limited (CIBIL) qscore. He emphasized that as the credit score improves, it opens doors to additional financial opportunities and advantages, enabling street vendors to further grow their businesses. Reflecting on the past decade, he noted the tremendous progress that has been made in enhancing the livelihoods of many, attributing this success to such inclusive schemes.
Encouraging the participants to continue performing well and striving for the next instalment of the scheme’s benefits, he also highlighted the importance of digital transactions, which come with the added advantage of cashback rewards. He assured the audience that more new and beneficial schemes would be rolled out in the future. He further expressed the department's commitment to continued collaboration and support, ensuring that street vendors remain equipped to thrive in an increasingly digital economy.
Speaking at the occasion, MT Sherpa emphasized that today’s award ceremony is not just a celebration of achievements, but a recognition of performance, access to financial inclusion, and the empowerment of street vendors. He proudly announced that Sikkim secured the second prize among hilly and northeastern States in a national program held on July 18, 2024, in New Delhi. He highlighted that the State Level PM SVANidhi Praise Award aims to honour Urban Local Bodies (ULBs) and banks for their exceptional service and dedication to supporting local communities.
During the function, a short video on the PM SVANidhi scheme was presented, showcasing its launch in June 2020 by the Ministry of Housing & Urban Affairs. The video highlighted the scheme's purpose of providing affordable loans to support street vendors impacted by the COVID-19 pandemic, helping them rebuild and sustain their livelihoods.
Jigmee Wangchuk Bhutia, Mission Director of DAY-NULM emphasised key success factors, including focus on peri-urban areas, engagement of SHG groups for IEC activities, targeting weekly haats, increased use of multi-media and print media, and more camps. He delivered a presentation on the implementation of the PM SVANidhi scheme highlighting Sikkim's achievements:
-Loans are sanctioned in an average of 10 days, compared to the national average of 21.
-59% of Sikkim's street vendors are digitally active, above the national average of 44%.
- 72% of beneficiaries in Sikkim are women, compared to 45% nationally.
- Sikkim received second prize among Hilly and North Eastern States in a national program on July 18, 2024, in New Delhi.
The State Bank of India (SBI) and the Central Bank of India were awarded the best-performing State-level lending institutions by the dignitaries for their financial support to the micro-entrepreneurs.
In addition, six bank branches received recognition for their exceptional performance - State Bank of India, Namchi; State Bank of India (DBU), Gangtok; Central Bank of India, Namchi; Punjab National Bank, Namchi; Canara Bank, Namchi; State Bank of Baroda, Namchi.
Furthermore, representatives from the Urban Local Bodies (ULBs) of Gangtok, Mangan, Gyalshing, Singtam, Rangpo, Namchi, and Jorethang were honoured with certificates of appreciation, celebrating their dedication and service to their communities.
Earlier, the dignitaries visited the Street Food Exhibition Stall set at the premises of the Chintan Bhawan and interacted with the vendors.
The event also featured the presentation of songs by Self Help Groups (SHGs).
The programme concluded with a vote of thanks proposed by Pema Doma Bhutia, ATPO (DAY-NULM).