Published By : Admin | October 24, 2023 | 15:02 IST
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PM SVANidhi Scheme, launched by Modi government in 2020, is a micro credit scheme, for urban street vendors, which provides collateral-free loans up to Rs 50,000. A recent research work by SBI titled PM SVANidhi: Strengthening Country’s Social Fabric through empowering grassroot market mavericks has analysed the transformative impact of PM SVANidhi. This note mentions some notable results of the research.
PM SVANidhi has Ensured Inclusive Entrepreneurship:
• PM SVANidhi has seamlessly connected marginalized urban micro-entrepreneurs, breaking down community barriers along the way.
• The report says: "Almost 75% loan beneficiaries come from non-general category, a testament of the innate power of well-intended policy schemes to seed transformative changes.”
• OBCs account for 44% of total disbursement, while SCs/STs account for 22%
• 43% of the total beneficiaries are women. The report says: “female share indicates empowerment of entrepreneurial capabilities of urban female, giving SVANidhi a gender equalizer tag.”
• The report says: The persistency ratio (2 nd loan/1 st loan repaid) is increasing indicating need and popularity of PM SVANidhi Scheme and also incentivizing those who are paying back the loan in terms of further loans are acting as a better conduit.
• Under the scheme regular repayments are incentivized with a 7% interest subsidy and digital transactions are rewarded with cashback up to Rs 1,200 per year.
• The ratio of people repaying first loan of Rs 10,000 and taking the second loan of Rs 20,000 loan is 68%.
• The ratio of people repaying second loan of Rs 20000 and taking the third loan of Rs 50,000 loan is 75%.
• Till date around 70 lakh loans disbursed in all three tranches, benefiting over 53 lakh street vendors, with a total value exceeding Rs 9,100 crore
Fifty Percent Increase in Average Consumption of PM SVANidhi account holders:
• Income has been the key driver of private consumption and increase in income reflects an increase in consumption/spending.
• The report says that, PM SVANidhi, with an objective of economic upliftment, is a huge success in this matter. The researchers believe that a small loan of Rs 10,000 onwards helps in a great manner to PM SVANidhi account holders.
• According to the report: “The average debit card spending of PM SVANidhi account holders increased by 50% to Rs 80,000 in FY23 as compared to FY21.”
• In just 2 years average spending per annum increased by Rs 28,000, with a rather small amount of seed capital infused to informal urban entrepreneurs
Two-third of the borrowers are in the range of 26-45 years:
• 65% of the borrowers in PM SVANidhi are in the age-group of 26-45.
• On an average, 63% of those below the age 25 and above 60 age groups spend more post disbursement of loan.
Jan Dhan has Linked the Unbanked Ones with the Banks. PM SVANidhi has Linked the Unloaned Ones with the Loans:
• Considering SVANidhi as a means of access to credit for the Jan Dhan people, the SBI research looked into the effect of SVANidhi loans on the spending of Jan Dhan beneficiaries.
• It has been estimated that SVANidhi loan given in FY22 to the PMJDY beneficiaries has increased their spending/Treatment Group at merchant outlets on an average by at least Rs 1385, in comparison to PMJDY beneficiaries who have not got the SVANidhi Loans /Control Group.
• Spending Avenues of Pure Jan Dhan Accounts are majorly towards basics, while Jan Dhan with PM SVANidhi account holders are found to be spending more on consumeristic avenues.This is an evidence of marginalized people getting aboard mainstream bandwagon in terms of spending patterns/preferences.
• Behavioral Shift for Digital Acceptability: PM SVANidhi has increased acceptability of digital transactions. PM SVANidhi loans when given to Jan Dhan beneficiaries, migrates at least 9.5% people who were doing less than 10 transactions into higher digital transactions.
PM SVANidhi account holders in Mega & Million+ Cities:
• As per PM SVANidhi dashboard, around 5.9 lakh borrowers are in 6 mega cities and 7.8 lakh borrowers come from top 10 million+ population cities.
• Of these mega and million+ cities, Varanasi is the top performer where 45% of total spenders are active spenders, followed by Bengaluru, Chennai, Prayagraj, etc.
Text of Prime Minister Narendra Modi's address to the Indian Community in Guyana
November 22, 2024
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Your Excellency President Irfan Ali, Prime Minister Mark Philips, Vice President Bharrat Jagdeo, Former President Donald Ramotar, Members of the Guyanese Cabinet, Members of the Indo-Guyanese Community,
Ladies and Gentlemen,
Namaskar!
Seetaram !
I am delighted to be with all of you today.First of all, I want to thank President Irfan Ali for joining us.I am deeply touched by the love and affection given to me since my arrival.I thank President Ali for opening the doors of his home to me.
I thank his family for their warmth and kindness. The spirit of hospitality is at the heart of our culture. I could feel that, over the last two days. With President Ali and his grandmother, we also planted a tree. It is part of our initiative, "Ek Ped Maa Ke Naam", that is, "a tree for mother”. It was an emotional moment that I will always remember.
Friends,
I was deeply honoured to receive the ‘Order of Excellence’, the highest national award of Guyana. I thank the people of Guyana for this gesture. This is an honour of 1.4 billion Indians. It is the recognition of the 3 lakh strong Indo-Guyanese community and their contributions to the development of Guyana.
Friends,
I have great memories of visiting your wonderful country over two decades ago. At that time, I held no official position. I came to Guyana as a traveller, full of curiosity. Now, I have returned to this land of many rivers as the Prime Minister of India. A lot of things have changed between then and now. But the love and affection of my Guyanese brothers and sisters remains the same! My experience has reaffirmed - you can take an Indian out of India, but you cannot take India out of an Indian.
Friends,
Today, I visited the India Arrival Monument. It brings to life, the long and difficult journey of your ancestors nearly two centuries ago. They came from different parts of India. They brought with them different cultures, languages and traditions. Over time, they made this new land their home. Today, these languages, stories and traditions are part of the rich culture of Guyana.
I salute the spirit of the Indo-Guyanese community. You fought for freedom and democracy. You have worked to make Guyana one of the fastest growing economies. From humble beginnings you have risen to the top. Shri Cheddi Jagan used to say: "It matters not what a person is born, but who they choose to be.”He also lived these words. The son of a family of labourers, he went on to become a leader of global stature.
President Irfan Ali, Vice President Bharrat Jagdeo, former President Donald Ramotar, they are all Ambassadors of the Indo Guyanese community. Joseph Ruhomon, one of the earliest Indo-Guyanese intellectuals, Ramcharitar Lalla, one of the first Indo-Guyanese poets, Shana Yardan, the renowned woman poet, Many such Indo-Guyanese made an impact on academics and arts, music and medicine.
Friends,
Our commonalities provide a strong foundation to our friendship. Three things, in particular, connect India and Guyana deeply. Culture, cuisine and cricket! Just a couple of weeks ago, I am sure you all celebrated Diwali. And in a few months, when India celebrates Holi, Guyana will celebrate Phagwa.
This year, the Diwali was special as Ram Lalla returned to Ayodhya after 500 years. People in India remember that the holy water and shilas from Guyana were also sent to build the Ram Mandir in Ayodhya. Despite being oceans apart, your cultural connection with Mother India is strong.
I could feel this when I visited the Arya Samaj Monument and Saraswati Vidya Niketan School earlier today. Both India and Guyana are proud of our rich and diverse culture. We see diversity as something to be celebrated, not just accommodated. Our countries are showing how cultural diversity is our strength.
Friends,
Wherever people of India go, they take one important thing along with them. The food! The Indo-Guyanese community also has a unique food tradition which has both Indian and Guyanese elements. I am aware that Dhal Puri is popular here! The seven-curry meal that I had at President Ali’s home was delicious. It will remain a fond memory for me.
Friends,
The love for cricket also binds our nations strongly. It is not just a sport. It is a way of life, deeply embedded in our national identity. The Providence National Cricket Stadium in Guyana stands as a symbol of our friendship.
Kanhai, Kalicharan, Chanderpaul are all well-known names in India. Clive Lloyd and his team have been a favourite of many generations. Young players from this region also have a huge fan base in India. Some of these great cricketers are here with us today. Many of our cricket fans enjoyed the T-20 World Cup that you hosted this year.
Your cheers for the ‘Team in Blue’ at their match in Guyana could be heard even back home in India!
Friends,
This morning, I had the honour of addressing the Guyanese Parliament. Coming from the Mother of Democracy, I felt the spiritual connect with one of the most vibrant democracies in the Caribbean region. We have a shared history that binds us together. Common struggle against colonial rule, love for democratic values, And, respect for diversity.
We have a shared future that we want to create. Aspirations for growth and development, Commitment towards economy and ecology, And, belief in a just and inclusive world order.
Friends,
I know the people of Guyana are well-wishers of India. You would be closely watching the progress being made in India. India’s journey over the past decade has been one of scale, speed and sustainability.
In just 10 years, India has grown from the tenth largest economy to the fifth largest. And, soon, we will become the third-largest. Our youth have made us the third largest start-up ecosystem in the world. India is a global hub for e-commerce, AI, fintech, agriculture, technology and more.
We have reached Mars and the Moon. From highways to i-ways, airways to railways, we are building state of art infrastructure. We have a strong service sector. Now, we are also becoming stronger in manufacturing. India has become the second largest mobile manufacturer in the world.
Friends,
India’s growth has not only been inspirational but also inclusive. Our digital public infrastructure is empowering the poor. We opened over 500 million bank accounts for the people. We connected these bank accounts with digital identity and mobiles. Due to this, people receive assistance directly in their bank accounts. Ayushman Bharat is the world’s largest free health insurance scheme. It is benefiting over 500 million people.
We have built over 30 million homes for those in need. In just one decade, we have lifted 250 million people out of poverty. Even among the poor, our initiatives have benefited women the most. Millions of women are becoming grassroots entrepreneurs, generating jobs and opportunities.
Friends,
While all this massive growth was happening, we also focused on sustainability. In just a decade, our solar energy capacity grew 30-fold ! Can you imagine ?We have moved towards green mobility, with 20 percent ethanol blending in petrol.
At the international level too, we have played a central role in many initiatives to combat climate change. The International Solar Alliance, The Global Biofuels Alliance, The Coalition for Disaster Resilient Infrastructure, Many of these initiatives have a special focus on empowering the Global South.
We have also championed the International Big Cat Alliance. Guyana, with its majestic Jaguars, also stands to benefit from this.
Friends,
Last year, we had hosted President Irfaan Ali as the Chief Guest of the Pravasi Bhartiya Divas. We also received Prime Minister Mark Phillips and Vice President Bharrat Jagdeo in India. Together, we have worked to strengthen bilateral cooperation in many areas.
Today, we have agreed to widen the scope of our collaboration -from energy to enterprise,Ayurveda to agriculture, infrastructure to innovation, healthcare to human resources, anddata to development. Our partnership also holds significant value for the wider region. The second India-CARICOM summit held yesterday is testament to the same.
As members of the United Nations, we both believe in reformed multilateralism. As developing countries, we understand the power of the Global South. We seek strategic autonomy and support inclusive development. We prioritize sustainable development and climate justice. And, we continue to call for dialogue and diplomacy to address global crises.
Friends,
I always call our diaspora the Rashtradoots. An Ambassador is a Rajdoot, but for me you are all Rashtradoots. They are Ambassadors of Indian culture and values. It is said that no worldly pleasure can compare to the comfort of a mother’s lap.
You, the Indo-Guyanese community, are doubly blessed. You have Guyana as your motherland and Bharat Mata as your ancestral land. Today, when India is a land of opportunities, each one of you can play a bigger role in connecting our two countries.
Friends,
Bharat Ko Janiye Quiz has been launched. I call upon you to participate. Also encourage your friends from Guyana. It will be a good opportunity to understand India, its values, culture and diversity.
Friends,
Next year, from 13 January to 26 February, Maha Kumbh will be held at Prayagraj. I invite you to attend this gathering with families and friends. You can travel to Basti or Gonda, from where many of you came. You can also visit the Ram Temple at Ayodhya. There is another invite.
It is for the Pravasi Bharatiya Divas that will be held in Bhubaneshwar in January. If you come, you can also take the blessings of Mahaprabhu Jagannath in Puri. Now with so many events and invitations, I hope to see many of you in India soon. Once again, thank you all for the love and affection you have shown me.
Thank you. Thank you very much.
And special thanks to my friend Ali. Thanks a lot.
