As the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) reaches its sixth anniversary on June 1, 2026, it reflects on its significant role in supporting millions of street vendors affected by the Covid-19 pandemic. Launched by Prime Minister Narendra Modi on June 1, 2020, the scheme aimed to provide collateral-free working capital loans to street vendors to help them revive businesses impacted by the pandemic.
Over the past six years, the PM SVANidhi scheme has boosted the unorganized sector, facilitating record monetary transactions and making a substantial contribution to the Indian economy. Official figures indicate that more than 1.12 crore loans have been disbursed, with digital transactions exceeding 841 crore, amounting to Rs 8.96 lakh crore.
Beneficiaries of the PM SVANidhi scheme have availed loans totaling over Rs 17,800 crore, benefiting more than 75.5 lakh individuals. Additionally, around 55 lakh beneficiaries have been digitally onboarded, collectively conducting transactions worth nearly Rs 8.96 lakh crore. The scheme has also provided nearly Rs 800 crore in digital cashback incentives and interest subsidies to beneficiaries.
The economic impact of the PM SVANidhi scheme extends beyond financial assistance, improving the living standards of beneficiaries by promoting housing stability and enhancing access to essential needs such as nutritious food, healthcare, and education. Furthermore, the scheme has fostered social inclusion, particularly among vulnerable urban communities, with approximately 46% of beneficiaries being women and 70% belonging to marginalized groups.
The PM SVANidhi scheme offers loans in three installments: Rs 10,000 as the first tranche, Rs 20,000 as the second tranche (subject to repayment of the first), and Rs 50,000 as the third tranche upon settlement of the second loan. Last year, the Modi government extended the lending period of the scheme until 2030, with a total budget of Rs 7,332 crore, benefiting 11.5 million individuals, including five million new beneficiaries.
