The Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM-SVANidhi) Scheme, launched by the Indian government, is celebrating its successful completion of three years. Since its inception, the scheme has brought about a remarkable transformation in the lives of street vendors, empowering them to become self-reliant entrepreneurs.
The PM-SVANidhi Scheme aims to provide a comprehensive support system to street vendors by offering financial assistance, skill development training, and access to affordable credit. By formalizing the street vending sector and integrating vendors into the mainstream economy, the scheme has played a pivotal role in their socio-economic empowerment.
Under the scheme, street vendors are eligible to receive a working capital loan of up to ₹10,000 ($139), repayable in monthly installments over a period of one year. This financial assistance enables vendors to stabilize and expand their businesses, invest in equipment or inventory, and meet their working capital requirements. Additionally, the scheme also provides street vendors with identity cards and certificates of vending, ensuring their legal recognition and protection.
Beyond financial support, the PM-SVANidhi Scheme places a strong emphasis on skill development and capacity building. Street vendors receive training on aspects such as bookkeeping, digital literacy, marketing, and hygiene practices. These skill development programs equip vendors with the necessary tools and knowledge to manage their businesses efficiently and adapt to evolving market dynamics.
The successful implementation of the PM-SVANidhi Scheme is evident from its impact on the lives of street vendors across India. Thousands of vendors who were previously marginalized and vulnerable have now found stability and hope through their entrepreneurial ventures. The scheme has not only enhanced their income and livelihoods but has also instilled a sense of pride and self-confidence within the street vending community.
Moreover, the PM-SVANidhi Scheme has contributed to the formalization of the street vending sector, ensuring better regulation and urban planning. It has fostered an environment of inclusivity, where street vendors are recognized as legitimate contributors to the local economy and are provided with opportunities for growth and development.
As the PM-SVANidhi Scheme completes three successful years, it stands as a testament to the government’s commitment to empowering street vendors and promoting self-employment opportunities. The scheme’s accomplishments serve as inspiration to further expand its reach and impact, ensuring that every street vendor in India has the opportunity to thrive and contribute to the nation’s progress.