A young street food vendor in Gandhinagar, Gujarat, Yograj Mali, received a loan under the PM SVANidhi scheme, aiding in the revival of his business. Mali, a 30-year-old B.Com student, used the loan to adopt digital payments and enhance his family’s financial situation. The scheme, marking six years of support to street vendors, helped Mali restart and strengthen his business amidst financial challenges.
The financial assistance provided by PM SVANidhi offered Mali working capital, enabling him to expand his business operations and increase earnings. This support not only benefited his business but also alleviated financial burdens for his family. Mali’s adoption of digital payment platforms like GPay and Paytm facilitated cashless transactions for customers and provided additional benefits such as cashback rewards.
By modernizing his business practices, Mali improved record-keeping and transaction transparency through digital payment systems. Apart from the PM SVANidhi loan, Mali also utilized other government welfare schemes like Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana. Mali expressed gratitude for the assistance received, emphasizing how the PM SVANidhi loan revitalized his business and enhanced his family’s financial stability during challenging times.
The PM SVANidhi scheme, designed to offer affordable working capital loans to street vendors, completed six years this month. Beneficiaries like Mali have reported improved business prospects and increased financial inclusion through formal credit access and digital transactions.
