The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme, initiated on June 1, 2020, by the Central government, has become crucial in supporting street vendors post-pandemic. This nationwide scheme has significantly impacted small-time businesses, including those in Jammu and Kashmir.
Shakeel Ahmad Bhatt, a clothes vendor from Srinagar, shared how the PM SVANidhi scheme has brought hope and prosperity to his family. Initially struggling to make ends meet and support his children’s education, Shakeel’s business flourished with the help of collateral-free loans from PM SVANidhi.
With the financial aid, Shakeel expanded his clothing business, introduced new products, and attracted more customers. As his sales grew, he repaid the loans promptly and received additional support under the scheme. Availing the third tranche of assistance, Shakeel witnessed significant growth in his business, improving his family’s financial stability.
The PM SVANidhi program served as a catalyst for Shakeel, transforming his small street-vending enterprise into a successful venture. He emphasized that without this scheme, his business would have faced severe challenges during the pandemic, possibly leading to closure.
The PM SVANidhi scheme, launched amid the COVID-19 crisis, has disbursed over 1.12 crore collateral-free loans totaling more than ₹17,800 crore since its inception. Benefiting 75.5 lakh street vendors nationwide, the initiative has facilitated access to formal credit, encouraged digital payments, and provided social security benefits.
