Prime Minister Narendra Modi, while addressing a gathering, emphasized that the PM SVANidhi scheme has brought about a significant transformation in the lives of countless street vendors across the nation. The scheme, launched in June 2020, aims to provide affordable working capital loans to street vendors who were adversely affected by the COVID-19 pandemic.
Key Highlights of PM SVANidhi
The PM SVANidhi scheme offers collateral-free loans of up to Rs 10,000 to street vendors, with a repayment period of one year. The scheme has been widely appreciated for its role in reviving the livelihoods of millions of vendors who form an integral part of the urban informal economy.
Impact on Street Vendors
PM Modi stated that the scheme has not only provided financial assistance but also restored the dignity and confidence of street vendors. Many vendors have used the loans to expand their businesses, improve their product quality, and adopt digital payment methods. The scheme has also facilitated access to other government welfare schemes for the vendors.
- Over 50 lakh street vendors have benefited from the scheme so far.
- Loans worth more than Rs 8,000 crore have been disbursed under the initiative.
- The scheme has encouraged digital transactions, with a significant number of vendors adopting QR codes and other digital payment modes.
Government's Commitment
The Prime Minister reiterated the government's commitment to the welfare of the poor and marginalized sections of society. He noted that the PM SVANidhi scheme is a testament to the government's resolve to ensure that no one is left behind in the journey of development. The scheme has been particularly beneficial for women vendors, who constitute a substantial portion of the beneficiaries.
The success of PM SVANidhi has also inspired similar initiatives in other countries, showcasing India's innovative approach to social welfare and financial inclusion. The scheme has been praised by international organizations for its rapid implementation and positive impact on the ground.
