Business

U.P. leads with 7.8 lakh street vendors: SBI report

The top ten states of the country accounted for 35 lakh street vendors with Uttar Pradesh taking the lead with 7.8 lakh vendors followed by West Bengal at 5.5 lakh vendors, said a report prepared by State Bank of India.

The government has announced special scheme for street vendors for facilitating easy access of credit this sector which could benefit 50 lakh street vendors. The liquidity support to this sector will be ₹5,000 crore.

“We estimate the state-wise break-up of street vendors from PLFS [Periodic Labour Force Survey] data (using share of self employed in non-agriculture sector) and found that top ten States accounted for around 35 lakh street vendors with Uttar Pradesh take the lead with 7.8 lakh vendors followed by West Bengal at 5.5 lakh vendors,” the report authored by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said.

The second tranche of stimulus by the government has been estimated at ₹3.16 lakh crore by the report. Prime Minister Narendra Modi has announced a package of ₹20 lakh crore to support the economy hit by nationwide lockdown.

“Through the banking channel, the government is also supporting the Shishu Loan Holders under MUDRA Scheme, Street Vendors and Farmers. Easy access to credit for street vendors is urgently required as they have seen the maximum impact of lockdown,” the report said.

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Printable version | Jun 4, 2020 3:15:57 AM | https://www.thehindu.com/business/up-leads-with-78-lakh-street-vendors-sbi-report/article31596002.ece

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