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Disbursing loans to street vendors under PM Sva Nidhi Scheme UP got the top position.

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Uttar Pradesh has ranked first among states under the Prime Minister SVANidhi Scheme. Yogi govt has disbursed loans among 2.3 lakh beneficiaries since June. Seven cities from the state have also ranked in the top 10 in the disbursement of loans, with Varanasi on top and Lucknow in second spot.

The state was ranked first in all the categories – Applications, Sanctions and Disbursements. The scheme was launched on June 1, 2020, by the Central Government to help the street vendors resume their livelihood activities that were impacted by COVID-19.

As per the official statistics of UP, loans under SVANidhi scheme will be disbursed to 2.51 beneficiaries by October 27, 2020 when the Prime Minister will address the street vendors and handlers of the State.

Launched on June 1, 2020, the SVANidhi Scheme is meant for street vendors, to help them in stabilising their work in the aftermath of the Covid-19 lockdown. Under the scheme, a loan of up to Rs 10,000 at a subsidised rate of interest is given to applicants. The government gives a subsidy of Rs 2,500.

“The government received 6,22,167 applications, out of which 3,46,150 applications have been approved for sanction. Out of these, loans have been disbursed to 2,26,728 beneficiaries,” said government spokesperson.

Madhya Pradesh bagged the second place by disbursing loan among over 1.25 Lakh beneficiaries, followed by Telangana with 53,777 disbursements, Gujarat with 18,747 disbursements, Andhara Pradesh with 15,992, Maharashtra with 13,021, Chhattisgarh with 8,993, Tamil Nadu with 8,389, Jharkhand with 6,413 and Rajasthan with 5,533.

Varanasi, Lucknow and Aligarh are the top three cities in the list even as other cities of the state include Allahabad (4th), Gorakhpur (7th), Ghaziabad (9th) and Kanpur (10th). Other Indian cities in the list are Indore (5th), Bhopal (6th) and Hyderabad (8th).

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Petrol, diesel price move up by a higher margin

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Petrol and diesel rates rose sharply on Friday as global oil prices remained firm reaching its highest levels this fiscal.

Petrol price increased by 19 paise per litre to Rs 81.89 per litre on Friday from Rs 81.70 per litre on the previous day.

Diesel price, on the other hand, increased by a higher margin of 24 paise to Rs 71.86 a litre, up from Rs 71.62 a litre on the previous day.

Oil companies began increasing pump prices of the two petroleum products from last Friday after a nearly two-month-long hiatus in the fuel price revision. The prices increased for five consecutive days before going for a day’s pause on Wednesday. It has risen on both days thereafter.

In five days, petrol price has gone up by 53 paise and diesel rate has risen by 95 paise per litre. With Friday’s increase, petrol price has now risen by 83 paise per litre and diesel by Rs 1.40 a litre since last Friday.

Petrol price had been static since September 22, and diesel rate hadn’t changed since October 2.

Though the retail pricing of petrol and diesel has been deregulated and oil marketing companies were following a daily price revision formula, the same was suspended for almost two months to prevent the volatility in the international oil markets from impacting the fuel prices regularly during the pandemic.

But with crude on the boil again on the news of a successful coronavirus vaccine launch soon, the patience was lost by the OMCs who finally resorted to the price increase to cover for their under recovery on the sale of two petroleum products.

The benchmark Brent crude has crossed $48 a barrel on the Intercontinental Exchange (ICE). It has remained over $ 43 a barrel for most part of November.

OMCs need almost 40 paise per litre increase in the retail price of petrol and diesel to cover for $ 1 increase in crude. Going by this yardstick, the product prices would have to be increased by up to Rs 2 per litre to cover the under recovery on its sale.

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