Empowering Street Vendors: The Success of PM SVANidhi Yojana

Prime Minister Narendra Modi praised the PM SVANidhi Yojana for empowering street vendors, highlighting its micro-credit facility. Launched in 2020 by the Union Housing and Urban Affairs Ministry, the scheme offers affordable loans to street vendors, significantly benefiting 68.11 lakh individuals, including 30.97 lakh women vendors.

Prime Minister Narendra Modi has applauded the PM SVANidhi Yojana, emphasizing its role in empowering street vendors across India. Speaking from the Red Fort on India's 79th Independence Day, Modi highlighted the scheme's transformative impact, enabling vendors to accept digital payments through UPI, reflecting a responsive governance model.

The PM Street Vendor's AtmaNirbhar Nidhi, administered by the Union Housing and Urban Affairs Ministry, was initiated in 2020 to provide accessible working capital loans for street vendors whose livelihoods were hit by the COVID-19 pandemic. The scheme offers loans in three increasing tranches based on repayment milestones.

By July, over 68.11 lakh street vendors had availed benefits from the scheme, which has become a cornerstone in grassroots economic revitalization. Notably, women vendors comprised 45 percent of the beneficiaries, underscoring the scheme's role in promoting financial inclusion and empowerment for women.

(With inputs from agencies.)