Loans for Mumbai vendors to make biz sustainable: Dr Karad

   By Vijay Darda | 10-01-2023

Union Minister of State for Finance Dr Bhagwat Karad has said the government will prepare a list of street vendors in Mumbai and provide them financial assistance to help them make their small businesses sustainable.

Dr Karad said this in an interaction with chairman of editorial board of Lokmat Media and former member of Rajya Sabha Vijay Darda here on Wednesday. He said after the list is ready, each vendor will be provided a loan of `10,000 at 3% interest.

The vendors who invest the amount in their business and return it after making profit from it, they will be given Rs 20,000 or more to further develop their business.

Regular refund of the amount up to Rs 50,000 will enable vendors to get even upto Rs 10 lakh loan under Pradhan Mantri MUDRA Yojana (PMMY), he said. So far about 47 lakh vendors in the country have  benefited from this scheme. These loans are given by commercial banks, RRBs, Small Finance Banks, MFIs and NBFCs.

The objective behind such schemes is that even a street vendor can be a big entrepreneur one day by availing benefits of projects and schemes made operational by the Central government, he said.

Dr Karad further said he was trying for the expansion of runway of Aurangabad airport and was in consultation with Union Civil Aviation Minister Jyotiraditya Scindia for this. He said he was also trying to bring Aurangabad airport under government’s UDAN Yojana and the airlines that will operate flights from Aurangabad to cities like Mumbai, Nagpur, Kolkata and others will be provided benefits to make services viable.

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