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PM SVANidhi Scheme Disbursed Rs 9,790 Cr Loans to Street Vendors

 

The PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, launched during the COVID-19 outbreak, has emerged as a crucial initiative in supporting urban street vendors. The scheme, designed as a micro-credit program, has disbursed an impressive total of Rs 9,790 crore in loans to beneficiaries, as disclosed by the government in the Rajya Sabha on Monday.

Scheme Overview

  • The primary objective of the PM SVANidhi scheme is to provide collateral-free working capital loans to urban street vendors, with amounts reaching up to Rs 50,000.
  • Union Housing and Urban Affairs Minister Hardeep Singh Puri highlighted the nationwide availability of the scheme, covering all urban local bodies.
  • This inclusivity ensures that all street vendors in urban areas, regardless of when they started vending, are eligible to benefit from the program.

Loan Disbursement Statistics

As of December 5, 2023, the government has disbursed loans in a phased manner. The fiscal year-wise breakdown reveals the following:

Fiscal Year Loan Disbursement (in Rs crore)
2020-21 2,039
2021-22 1,248
2022-23 1,866
2023-24 (up to Dec 5) 4,637

These figures cumulatively amount to Rs 9,790 crore, indicating the significant impact of the PM SVANidhi scheme.

Beneficiary Outreach

The number of street vendor beneficiaries has seen a steady increase, reaching 56,58,744 as of December 5, 2023. Union Minister Hardeep Singh Puri noted that this number is continually rising, reflecting the scheme’s ongoing success in reaching and supporting a growing number of urban street vendors.

Loan Structure Evolution

  • Under the PM SVANidhi Scheme, the government has adapted its approach to meet the evolving needs of street vendors. Initially, a working capital loan of up to Rs 10,000 was introduced.
  • Recognizing the demand for higher financial support, a second loan amount of up to Rs 20,000 came into effect on April 9, 2021.
  • Subsequently, a third loan option, allowing vendors to access up to Rs 50,000, was introduced on June 1, 2022. This adaptive strategy has allowed the scheme to cater to the diverse financial requirements of street vendors.

Identification of Eligible Vendors

The PM SVANidhi Scheme employs various criteria to identify eligible vendors. This ensures that the benefits are extended to those who need them the most, contributing to the overall success and impact of the initiative.

Important Questions Related to Exams

Q: What is the primary objective of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme?

Answer: The scheme aims to provide collateral-free working capital loans to urban street vendors during the COVID-19 outbreak.

Q: What is the eligibility criterion for street vendors under the PM SVANidhi Scheme?

Answer: All street vendors in urban areas are eligible for benefits, regardless of the date on which they started vending.

Q. Who is responsible for overseeing the PM SVANidhi scheme?

Answer: Union Housing and Urban Affairs Minister Hardeep Singh Puri is responsible for the scheme.

 

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