PM SVANidhi success story: Cobbler from Kundapur invited to Republic Day celebrations

Team Udayavani, Jan 25, 2024, 9:11 AM IST

Kundapur: Manikantha, a cobbler from Kundapur, has earned recognition from the central government for his successful repayment of a self-financed loan obtained through the Prime Minister’s Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme. He has been now invited to participate in the Republic Day celebrations in Delhi on the 26th of January.

Out of the selected participants under this scheme, Manikantha from Kundapur was chosen along with three others from Bengaluru BBMP.

Manikantha, a proprietor of a small shoe repair shop near Shastri Circle, has been a familiar face in the community for many years. Originally from Bhadravati, he continued the family trade started by his father, Muniswamy, who initiated a shoe repair business in Kundapur 50 years ago. Despite running a humble business repairing shoes, umbrellas, and bags, Manikantha has become well-known in the local community.

Facing financial challenges, Manikantha used to rely on hand loans for purchasing raw materials, with a significant portion of his income going towards interest payments. Two years ago, he availed a loan of Rs. 10,000 under the PM SVANidhi scheme with an interest rate of Rs. 7, provided by the Department of Skill Development through the municipality. Despite having a 12-month repayment period, he managed to repay the loan in just five months, becoming debt-free.

Impressed by his dedication and honesty, the department awarded him Rs. 20,000 for the second term. Manikantha’s success extended beyond loan repayment, as he utilized the funds to expand his business and support his brother’s seat cushion shop next door.

Kundapur Municipality, despite its modest size, has achieved significant success under the ambitious Prime Minister’s project. The municipality disbursed a total loan amount of 1 crore to street vendors under the PM SVANidhi Yojana, earning Udupi the top rank. Only 253 local government bodies across the country effectively implemented this scheme.

Expressing his gratitude, Manikantha stated, “Loan repayment was not burdensome as the interest was low. We are happy that the government has recognized people like us who sit on the side of the street and work.”