Empowering Street Entrepreneurs: The Success of PM SVANidhi

The PM SVANidhi scheme has benefited nearly 31 lakh women street vendors, who constitute 45% of the total beneficiaries. Launched on June 1, 2020, the scheme offers collateral-free working capital loans to aid those adversely affected by the Covid lockdown, promoting digital transactions among street vendors.

The PM SVANidhi scheme has become a lifeline for street vendors, with 30.97 lakh women taking advantage of its provisions, making up 45% of the scheme's total beneficiaries, the government stated in the Lok Sabha on Thursday.

Union Minister of State for Housing and Urban Affairs Tokhan Sahu highlighted that 69% of the 43.68 lakh beneficiaries hail from marginalized communities, including OBC, SC, and ST groups. The scheme, launched on June 1, 2020, aims to offer street vendors collateral-free working capital loans.

This initiative has significantly boosted digital involvement, with 45.47 lakh street vendors conducting more than 444 crore digital transactions. These efforts are incentivized with cashbacks, totaling Rs 164.77 crore paid for digital engagement.

(With inputs from agencies.)