CM releases Rs 431 cr under Jagananna Thodu

Vijayawada: Chief Minister Y S Jagan Mohan Reddy released Rs 431.58 crore under Jagananna Thodu benefiting 3.95 lakh small and marginal street vendors and artisans with interest-free bank loans of Rs 10,000 and more each.

The amount, released for the eighth consecutive time, includes interest subvention amounting to Rs 13.64 crore benefitting 5.81 lakh beneficiaries who have availed loans and repaid them promptly on time.

Releasing the amount virtually with the click of a button at the camp office here on Thursday, the Chief Minister said that government decided to implement Jagananna Thodu after he came to know of petty traders’ financial difficulties during his padayatra. The scheme is helpful to petty traders who are selling vegetables, fruits and food products in push carts, baskets, on motorcycles and auto-rickshaws on streets, he said, adding that artisans who make Bobbili Veena, Kondapally and Etikoppaka toys, Kalankari and lace items and puppets have also been receiving loans under the scheme.

Lakhs of street vendors and artisans have been repeatedly availing and repaying bank loans promptly, he said, adding that the loan recovery rate has also gone up to more than 95 per cent.

It is a matter of pride that 87.13 per cent of the beneficiaries are women and 79.14 per cent of them are from the SC, ST, BC and minority groups, he further said.

Aided by YSR Asara and YSR Cheyuta, the scheme has also become a major instrument in the transformation of rural economy and empowerment of small traders and artisans, especially women members.

The results of the transformation in the rural economy are tangible in the NPA (Non-Performing Asset) value of the self-help groups coming down to less than 0.3 per cent from the 18 per cent in the TDP rule, he said.

With the scheme showing the way for the empowerment of petty traders and street vendors, it has become a role model for the entire country, the Chief Minister said, adding that while 58, 65,000 people benefitted under the PM Swanidhi scheme across the nation, more than 16 lakh street vendors and artisans benefitted alone in the State.

As against the total of Rs. 10, 200crore provided as interest free loan across the nation, Andhra Pradesh alone has so far spent Rs. 3373.73crore towards interest free loans, he said, adding that the official machinery has made it possible with the active role of village and ward secretariat staff and volunteers.

Introduced to help the street vendors avoid approaching private financiers and obtaining loans at hefty interest rates, Government has so far reimbursed total interest of Rs.88.33crore benefitting 15.87 lakh street vendors.

Some of the beneficiaries also participated in the programme virtually and thanked the Chief Minister for helping them through the scheme.

Deputy Chief Minister B Mutyala Naidu, chief secretary Dr K S Jawahar Reddy and others attended.