The PM SVANidhi Scheme, officially known as the Prime Minister Street Vendor’s AtmaNirbhar Nidhi, has achieved a remarkable feat by providing assistance to over 50 lakh street vendors across the country. Street vendors have always played a crucial role in the urban informal economy, offering essential goods and services to urban residents.
Administered under the Ministry of Housing and Urban Affairs, this scheme has been instrumental in bringing street vendors into the formal economic sector, providing them with fresh opportunities for upward mobility.
The collective effort has borne fruit, resulting in the disbursement of nearly 66 lakh loans, totaling over 8,600 crore rupees, benefiting more than 50 lakh street vendors. States have enthusiastically embraced the scheme, with the recent campaign yielding remarkable results. Over the past three months, states have successfully onboarded more than 12 lakh new vendors, marking the highest enrollment numbers to date, with many more in the process of joining.
Launched on June 1st, 2020, the PM SVANidhi Scheme is a micro-credit initiative aimed at providing collateral-free working capital loans of up to 50 thousand rupees to urban street vendors. This visionary scheme not only supports the livelihoods of street vendors but also contributes to the formalization of the urban informal economy, aligning with the government’s broader economic objectives.