PM SVANidhi Turns Six: Empowering Street Vendors Across India

Celebrating six years, the PM SVANidhi scheme has significantly integrated street vendors into formal finance, supporting them with collateral-free credit. Launched in 2020, it has disbursed over 1.12 crore loans, benefiting over 75 lakh vendors. The initiative promotes financial inclusion and digital adoption, fostering sustainable livelihoods.

As the Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme marks its sixth anniversary, Prime Minister Narendra Modi has spotlighted its success in bringing street vendors into the formal financial system. The Prime Minister emphasized the scheme's focus on 'trust, dignity, and empowerment,' noting its role in providing street vendors with affordable, collateral-free credit.

In a social media post, Prime Minister Modi celebrated the initiative's impact, stating it has transformed countless lives by facilitating financial inclusion and growth opportunities. He extended his best wishes to beneficiaries, highlighting their crucial role in strengthening India's economy.

A government press release further detailed PM SVANidhi's achievements since its 2020 launch. The scheme has become a key support for those in India's informal urban economy, offering collateral-free loans and promoting digital adoption. Over 1.12 crore loans, totaling more than ₹17,800 crore, have been disbursed to over 75 lakh vendors. This has significantly improved access to institutional credit and expanded social security coverage for vendors.

The scheme's growth is evident nationwide, with more than 75.5 lakh beneficiaries and over 55 lakh digitally onboarded participants. Notably, nearly 95% accessed formal credit for the first time. The initiative has also championed social inclusion, with 46% of beneficiaries being women and 70% from marginalized communities. PM SVANidhi has created new opportunities for millions in the informal economy, embodying a shift in urban governance where small vendors are recognized as vital contributors to economic growth.