Transformed lives of countless street vendors: PM Modi on 6 years of PM SVANidhi
New Delhi, June 1
Marking six years of PM Street Vendor's AtmaNirbhar Nidhi, Prime Minister Narendra Modi on Monday praised the scheme's success in delivering collateral-free credit, financial inclusion, and growth opportunities to street vendors while emphasising themes of trust, dignity, and national economic contribution.
Launched in June 2020 during the Covid pandemic, the government has extended the initiative until 2030 with an increased outlay of Rs 7,332 crore and higher loan limits, aiming to reach 1.15 crore beneficiaries and further support self-reliance through incentives like UPI-linked credit cards.
In a post on X, PM Modi said, "Today we mark 6 Years of PM SVANidhi, a scheme which has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth. This scheme is all about trust, dignity and empowerment."
"My best wishes to all beneficiaries whose determination and enterprise continue to strengthen our nation's economy," he added.
According to the government, six years of PM SVANidhi have brought more than change to the lives of India's street vendors.
"They have brought confidence, opportunity, and a stronger sense of possibility. This was not just a scheme; it reflected PM Narendra Modi's commitment to empower street vendors through Swarozgar, Svavlamban, and Swabhimaan, strengthening the foundation of an Aatmanirbhar Bharat," the government said in a post on X, while sharing a thread highlighting the benefits of the scheme.
The Centre said that nearly Rs 800 crore reached street vendors through cashback incentives and interest subsidies, making digital payments and timely repayment more rewarding and creating stronger financial habits.
According to the official data, over 75 lakh street vendors availed more than 112 lakh loans worth more than Rs 17,800 crore, providing street businesses with the support to restart, restock, and rise stronger.
Nearly 95 per cent of beneficiaries entered formal institutional credit for the first time, while 30 per cent went beyond PM SVANidhi loans to access additional credit. PM SVANidhi contributed to nearly 20 per cent annual income growth.
"With over 841 crore digital transactions worth nearly Rs 9 lakh crore, street vendors are becoming part of a rapidly expanding digital India," the government said.
The Centre further stated that around 6 lakh street food vendors were trained in hygiene and food safety standards by FSSAI.
Nearly 53 lakh beneficiaries, with 70 per cent from marginalised communities, the government said, are gaining greater access to opportunity and financial inclusion, creating stronger pathways for growth at the grassroots level.
Additionally, nearly 46 per cent of women beneficiaries have gained "greater stability and confidence, opening doors to stronger opportunities and creating positive change in their everyday lives through increased participation and livelihood support".
— IANS
Reader Comments
The numbers are impressive but ground reality is mixed. My mother used to sell flowers near the temple and she got a loan but the paperwork was too much for her. Many vendors in our area still don't know about this scheme. Need better awareness campaigns in local languages. Still, good initiative overall.
The 20% income growth stat is remarkable. But let's also talk about the digital transactions bit - 841 crore transactions! That's a huge shift in mindset. From corner shops to UPI payments, India is truly moving ahead. The interest subsidy is a game-changer too. Kudos to the implementation team.
Impressive scale of impact. As someone who works in microfinance, I can see how collateral-free credit to 75 lakh vendors is genuinely transformative. The 46% women beneficiaries statistic is particularly encouraging. However, I hope the 2030 extension includes better grievance redressal mechanisms.
My neighbour is a vegetable vendor and she got her first loan from a bank through this scheme. You should see the confidence in her eyes now! She even taught her daughter how to use UPI. This is not just about money, it's about giving people dignity and a place in the formal economy. Bas aisi hi yojanaein chalti rahein. 🙏
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