Marking the sixth anniversary of PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), Prime Minister Narendra Modi commended the scheme for providing collateral-free credit, financial inclusion, and growth opportunities to street vendors. Launched in June 2020 during the pandemic, the initiative has been extended until 2030 with an increased budget of Rs 7,332 crore and higher loan limits to benefit 1.15 crore vendors.
In a social media post, PM Modi praised the scheme for transforming the lives of numerous street vendors by offering them access to credit without collateral, financial inclusion, and avenues for growth. He emphasized the values of trust, dignity, and empowerment embedded in the scheme. The Prime Minister extended his best wishes to all beneficiaries for their contribution to the nation’s economy.
The government highlighted that the PM SVANidhi scheme has not only brought about a monetary change but has instilled confidence, provided opportunities, and fostered a sense of possibility among India’s street vendors. Through initiatives like Swarozgar, Svavlamban, and Swabhimaan, PM Narendra Modi’s commitment to empowering street vendors has laid the groundwork for a self-reliant India. The scheme has facilitated over 112 lakh loans amounting to more than Rs 17,800 crore, aiding street businesses in restarting and strengthening.
According to official data, the scheme has enabled nearly 75 lakh street vendors to access formal institutional credit for the first time, with 30% of them further leveraging additional credit beyond PM SVANidhi loans. The scheme has contributed to an annual income growth of around 20%, with street vendors increasingly participating in digital transactions, amounting to over 841 crore transactions worth nearly Rs 9 lakh crore. Moreover, approximately 6 lakh street food vendors have been trained in hygiene and food safety standards by FSSAI.
