Gujarat: PM SVANidhi loan helps street vendor revive business, embrace digital payments
Gandhinagar, June 1
A loan received under the PM SVANidhi scheme helped a young street food vendor in Gujarat's Gandhinagar revive his business, adopt digital payments, and improve his family's financial condition, as the central government marked six years of the programme aimed at supporting street vendors.
Yograj Mali, a 30-year-old B.Com student who runs a small Cholaphali business in Gandhinagar, is among the beneficiaries of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme.
According to information shared on the completion of six years of the initiative, the loan provided under the scheme helped him to restart and strengthen his business at a time when he was facing financial constraints.
Operating with limited income and resources, Mali had been managing his street food business while pursuing his studies.
The financial assistance received through PM SVANidhi provided working capital, allowing him to expand his business activities and generate more stable earnings.
The support, he said, also brought relief to his family, which had been dealing with financial difficulties.
The improvement in business performance helped reduce economic pressures at home and created a more secure source of income.
As part of his efforts to modernise the business, Mali adopted digital payment platforms including GPay and Paytm.
The shift enabled customers to make cashless transactions and to access benefits linked to digital payments, including cashback rewards.
The use of digital payment systems also made record-keeping and transactions more organised and transparent.
In addition to the PM SVANidhi loan, Mali also availed of several other government welfare schemes.
These included the Pradhan Mantri Suraksha Bima Yojana, which provides accident insurance coverage, the Pradhan Mantri Jeevan Jyoti Bima Yojana, a life insurance scheme, and the Shramyogi Maandhan Yojana, a pension scheme for workers in the unorganised sector.
Speaking about the assistance he received, Mali said: "The PM SVANidhi loan had helped revive his business and improved the financial situation of his family. The government's support had proved valuable during difficult times and had given him confidence to continue growing his enterprise."
Launched to provide affordable working capital loans to street vendors, the PM SVANidhi scheme completed six years this month, with beneficiaries such as Mali citing improved business prospects and greater financial inclusion through access to formal credit and digital transactions.
— IANS
Reader Comments
Honest question: Is this loan easily available for all street vendors or is there a lot of paperwork? My uncle runs a thela near our colony and he's scared of banks. If the scheme is really this simple, it's a game-changer. The digital payment bit is smart — no more loose change issues! 😊
Good for Yograj, truly. But let's be real — one success story doesn't mean the scheme is perfect. I've seen many vendors in my area still struggling to get loans because of middlemen or lack of awareness. Need more ground-level implementation and less photo ops. That said, if even one family's condition improves, it's worth it.
The combo of PM SVANidhi + insurance schemes is smart — working capital plus safety net. India's unorganised sector really needs this kind of support. And a 30-year-old student running a business while studying? That's the real spirit of 'AtmaNirbhar' 🙌
I live in Gandhinagar and I'm so happy to see Cholaphali getting a boost! It's a traditional snack, and digital payments make it easier for customers like me. No need to carry change. Hope Yograj's business grows — maybe next time I'll scan and pay at his stall! 💪
Loan schemes are fine, but we also need proper infrastructure for street vendors. No proper place to sit, harassment from local authorities, etc. Digital payments are good but shouldn't be forced on everyone. Many vendors prefer cash for small amounts
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.