The Prime Minister Street Vendor’s AtmaNirbhar Nidhi, or PM SVANidhi scheme, has achieved a significant milestone by providing assistance to over 50 lakh street vendors across the country. Street vendors have long been essential contributors to the urban informal economy, offering vital goods and services to urban residents.
Bringing Informal Economy into the Formal Fold
Administered under the Ministry of Housing and Urban Affairs, this scheme has been instrumental in integrating street vendors into the formal economic sector, offering them new opportunities for upward mobility.
Impressive Loan Disbursement Statistics
The collective effort bore fruit, resulting in the disbursement of nearly 66 lakh loans, totaling over 8,600 crore rupees, to more than 50 lakh street vendors. States have enthusiastically embraced the scheme, with the recent campaign delivering remarkable outcomes. Over the past three months, states have successfully onboarded more than 12 lakh new vendors, marking the highest enrollment numbers to date, with many more in the process of joining.
The PM SVANidhi Scheme: Empowering Urban Street Vendors
Launched on June 1st, 2020, the PM SVANidhi Scheme is a micro-credit initiative aimed at providing collateral-free working capital loans of up to 50 thousand rupees to urban street vendors. This visionary scheme not only bolsters the livelihoods of street vendors but also contributes to the formalization of the urban informal economy, aligning with the government’s broader economic goals.