NEW DELHI: Prime Minister Narendra Modi marked the sixth anniversary of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, highlighting its transformative impact on the lives of countless street vendors across India.
Information was available with The Chenab Times that the Prime Minister stated on Monday that the scheme has been instrumental in providing street vendors with access to collateral-free credit, fostering financial inclusion, and opening up new avenues for business growth. He described the initiative as embodying trust, dignity, and empowerment for its beneficiaries.
The PM SVANidhi scheme, launched in June 2020 during the COVID-19 pandemic, was conceived to support street vendors whose livelihoods were severely impacted by the economic downturn. As the first dedicated micro-credit facility for this segment of the informal workforce, the scheme aimed to bridge the gap in access to formal credit, thereby facilitating the expansion of their businesses and promoting their integration into the formal financial system.
The initiative is a collaborative effort between the Ministry of Housing and Urban Affairs (MoHUA) and the Department of Financial Services (DFS). Since its inception, the scheme has facilitated the disbursement of over 1.12 crore collateral-free loans, amounting to more than ₹17,800 crore. This substantial financial assistance has positioned PM SVANidhi as a significant driver of economic empowerment and financial inclusion for street vendors nationwide.
The scheme has directly benefited over 75.5 lakh street vendors in urban areas, equipping them with the means to access formal credit, adopt digital payment methods, and avail themselves of social security benefits. The success of PM SVANidhi underscores the government’s commitment to supporting the informal sector and fostering self-reliance among its participants.
Prime Minister Modi extended his best wishes to all beneficiaries, acknowledging their determination and entrepreneurial spirit as key contributors to strengthening the nation’s economy. The ongoing success of the scheme is a testament to its effective implementation and its profound positive influence on the economic landscape of urban India.
The Chenab Times News Desk