Union Minister for Housing and Urban Affairs, Manohar Lal, praised the PM SVANidhi Scheme initiated by Prime Minister Narendra Modi in 2020 for its significant impact on empowering street vendors and enhancing the livelihoods of the urban poor nationwide. The scheme not only offers collateral-free loans to street vendors but also aims to provide them with dignity, confidence, and opportunities for a better future with financial stability and social recognition.
Manohar Lal emphasized that the PM SVANidhi Scheme has positively impacted more than 75.5 lakh street vendors across India in the past six years. With over 1.12 crore collateral-free loans sanctioned under the scheme, beneficiaries nationwide have received disbursements exceeding Rs 17,800 crore, facilitating their financial security and social standing.
The Union Minister highlighted the scheme’s role in integrating numerous street vendors into the formal banking system for the first time, enabling their participation in the formal economy. This move towards financial inclusion and self-reliance has opened new avenues for street vendors, enhancing their economic stability and independence.
In specific reference to the North-Eastern region, Manohar Lal mentioned that over 2.59 lakh loans have been distributed among street vendors, providing financial aid exceeding ₹430 crore. Notably, in Tripura alone, more than 9,300 loans have been sanctioned, with beneficiaries receiving nearly Rs 15 crore in disbursements, showcasing the scheme’s widespread impact and support for small businesses in urban areas.
