J&K's Shakeel Bhatt grows his cloth-selling business, with PM SVANidhi loan
Jammu, June 1
The Prime Minister Street Vendor's AtmaNirbhar Nidhi, which started six years ago on June 1, 2020, as a key Central government scheme to support street vendors in keeping their businesses afloat during the post-pandemic era, has slowly emerged as a key pivot in reshaping and reinventing the small-time businesses.
The scheme, with a pan-India presence, also brought a sea change in the lives of small-time businessmen and vendors in Jammu and Kashmir.
Shakeel Ahmad Bhatt, a Srinagar-based clothes vendor speaking to IANS, recalled how the PM SVANidhi scheme brought a new ray of hope for his family and has boosted businesses, improved incomes, and empowered many like him in the valley.
Shakeel earns his livelihood by selling clothes on the streets. He often struggled to meet household expenses and support his children's education due to limited income.
However, the collateral-free loans under PM SVANidhi helped him expand his vending business and improve his earnings. Today, his business has grown several times over, strengthening his family's financial position.
His situation began to improve after he availed a loan under the PM SVANidhi Scheme. Using the financial assistance, he purchased more clothing stock and introduced new items to attract customers. As his sales increased, he repaid the loan on time and got more loans under the scheme.
He has availed the third tranche of PM SVANidhi assistance, as provided under the scheme, and this has helped his business grow tremendously. The income swing has improved his family's financial condition and also given him confidence to further expand his venture.
For him, the PM SVANidhi program was a stepping stone towards a better future, helping him transform his small street-vending business into a growing enterprise.
Shakeel says that if this scheme had not been introduced, his business would have suffered drastically during the COVID-19 pandemic, further pushing him to the brink of closure.
Notably, the PM SVANidhi was launched during the COVID-19 pandemic to provide affordable working capital loans to street vendors whose businesses had been severely affected.
More than 1.12 crore collateral-free loans worth over ₹17,800 crore have been disbursed under the PM SVANidhi scheme since its launch in June 2020.
The scheme has benefited over 75.5 lakh street vendors across urban India, helping them access formal credit, adopt digital payments, and avail social security benefits.
— IANS
Reader Comments
While it's heartening to see success stories, I hope the scheme delivery is consistent across all states. In my hometown, many vendors still complain about paperwork delays and middlemen taking cuts. The intent is good, but execution needs more transparency at the ground level.
Kashmir ke bhai ka yeh success story sunke bahut achha laga. J&K mein aise schemes ka sahi implementation hona bahut zaroori hai. Yeh dikhata hai ki agar sahi direction mein support mile toh street vendors bhi apna business bada sakte hain. Digital payments aur formal credit ka access bhi bonus hai. 🇮🇳
75.5 lakh street vendors benefited and ₹17,800 crore disbursed - these numbers are impressive. But I worry about repayment stress since interest rates on these loans can be tricky for small vendors who aren't financially literate. Hope there's enough handholding and counseling alongside the loans.
Shakeel ji's story reminds me of my local vegetable vendor who got a similar loan. It's amazing how a small amount of capital can transform lives when it reaches the right person at the right time. The third tranche he availed shows he's built trust with the banking system. That's real empowerment. ✨
Kudos to Shakeel bhai for making it work despite challenges in Kashmir's business environment. But let's not forget - many more like him still struggle. The scheme should expand to cover more vendors and simplify documentation. Also, tying up with local trade associations could speed up disbursement. Slight improvement needed in outreach.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.