"Trust, dignity, empowerment": PM Modi celebrates 6 years of PM SVANidhi scheme, empowers street vendors
New Delhi, June 1
Marking the sixth anniversary of the Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi scheme on Monday, Prime Minister Narendra Modi highlighted the program's success in integrating street vendors into the formal financial fold. The Prime Minister expressed that the scheme is about ' trust, dignity and empowerment.'
Prime Minister Narendra Modi, in a post on his X account, wrote about how the initiative has empowered countless street vendors through access to affordable, 'collateral-free credit.'
Prime Minister wrote, "Today we mark #6YearsofPMSVANidhi, 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," the post read.
Meanwhile, according to a press release, PM SVANidhi has emerged as a major initiative supporting vendors working across India's informal urban economy. Beyond providing collateral-free loans, the scheme has encouraged digital adoption, improved access to institutional credit and expanded social security coverage.
Since its launch in 2020, more than 1.12 crore loans have already been disbursed. The initiative has benefited over 75 lakh beneficiaries across cities and towns. Loans worth over ₹17,800 crore have been provided under the scheme. Its impact is visible not only in official numbers but also in the everyday journey of vendors building stronger and more sustainable livelihoods, the press release stated.
Over the past years, the scheme has witnessed remarkable growth across cities and towns nationwide. More than 75.5 lakh beneficiaries have availed over 1.12 crore loans amounting to more than ₹17,800 crore. Over 55 lakh beneficiaries have been onboarded digitally under the scheme.
According to the press release, the scheme has strengthened business sustainability and improved earnings for vendors across the country. Nearly 95% of beneficiaries accessed formal institutional credit for the first time under PM SVANidhi.
PM SVANidhi has also strengthened social inclusion among vulnerable urban communities. Nearly 46% of beneficiaries under the scheme are women, reflecting strong gender inclusion. Around 70% belong to marginalised communities, highlighting the scheme's inclusive outreach.
For millions working in the informal economy, PM SVANidhi has created pathways to opportunity that were once difficult to access. In many ways, the initiative reflects a changing vision of urban governance. Small vendors are no longer seen as part of the margins. Instead, they are increasingly recognised as contributors to India's economic growth story, the press release stated.
— ANI
Reader Comments
Great scheme on paper but implementation is patchy in smaller towns. My chai wala in Jaipur had to run around to three banks before getting the loan. Still, it's better than nothing. Hope the digital onboarding reaches every corner soon.
Very happy to see 46% women beneficiaries! My sister-in-law runs a small food stall and she got a loan for a new cart. She feels so empowered. Government should also provide skill training alongside credit to maximize impact.
PM SVANidhi has given street vendors a new identity. Instead of being "flying" vendors who run away from municipal authorities, now they can operate with pride and security. The scheme needs more awareness though - many in my village still don't know about it.
The figures are impressive - 1.12 crore loans and ₹17,800 crore! But let's not forget that many vendors still struggle with repayment especially after the pandemic. The scheme should add a moratorium option for genuine hardship cases. Still, kudos to the government for reaching the last mile. 💪
This is what real empowerment looks like! My mausa (maternal uncle) in Madurai got a loan for his fruit stall and now he's accepted UPI payments too. Digital adoption + credit access = true AtmaNirbhar Bharat! 🇮🇳
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.