Bhubaneswar: The Odisha Cabinet on Friday approved a key welfare measure to support street vendors under the Central Government’s urban livelihood initiative, the PM SVANidhi Scheme.
Under the decision, the state government will fully waive stamp duty on hypothecation agreements executed for loans sanctioned through the scheme.
The waiver will apply to all three loan tranches—Rs 15,000, Rs 25,000, and Rs 50,000—extended in phases to eligible street vendors to help them rebuild and expand their micro-enterprises.
The Cabinet noted that the move aligns with the welfare-oriented nature of the scheme and its broader objective of promoting financial inclusion among economically weaker sections engaged in informal urban vending activities.
The PM SVANidhi Scheme is a flagship programme of the Government of India that provides collateral-free working capital loans to street vendors. It also aims to promote digital transactions and strengthen livelihood stability among urban informal workers.
By waiving stamp duty charges, the Odisha government seeks to reduce the cost of borrowing and encourage wider participation in the scheme. The decision is also expected to simplify loan documentation procedures, making access to credit more efficient and less burdensome for beneficiaries.
With this step, Odisha joins other states in strengthening the implementation of the PM SVANidhi Scheme through additional fiscal support aimed at enhancing its reach and impact among street vendors.
