As of December 8, 2024, the Union Ministry of Housing and Urban Affairs has successfully disbursed 94.31 lakh loans, amounting to approximately USD 1.58 billion (Rs. 13,422 crore), to street vendors under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme. Launched in 2020 to assist urban street vendors during the challenges posed by the COVID-19 pandemic, the scheme aims to provide financial support for business revival and growth.
Key Features of the Scheme
Under the PM SVANidhi scheme, street vendors can avail collateral-free loans of up to Rs. 50,000 (USD 589.21), offering them a vital opportunity to restart or expand their businesses. The loans are designed to be easily accessible, providing relief to vendors who faced disruptions due to the pandemic.
Tokhan Sahu, the Minister of State for Housing and Urban Affairs, informed the Rajya Sabha that 40.36 lakh loans have already been repaid, highlighting the effective implementation of the scheme. Importantly, no fraud-related complaints have been reported regarding the loan disbursement process, ensuring the transparency and integrity of the initiative.
Through PM Street Vendor’s AtmaNirbhar Nidhi (SVANidhi) scheme, we are empowering street vendors with financial access and rural communities with land ownership.
Soon, CGS-NPF will enable farmers and agribusinesses to access easy credit, fostering growth and prosperity for all.… pic.twitter.com/vdnnPJtiQ5
— Pralhad Joshi (@JoshiPralhad) December 16, 2024
Loan Distribution Across States
The PM SVANidhi scheme categorizes loan distribution across different types of states, including large states, hilly and northeastern states, small states, and Union Territories. Each state is allocated a specific loan disbursement target, and their performance is tracked and ranked.
More than 60 lakh street vendors benefited from PM SVANidhi scheme !
PM Street Vendor’s AtmaNirbhar Nidhi, or PM SVANidhi, is a special micro-credit facility launched by Ministry of Housing and Urban Affairs (@MoHUA_India), for providing affordable loans to street vendors.… pic.twitter.com/BAGUCCLW1x
— All India Radio News (@airnewsalerts) February 1, 2024
Notable State Achievements
As of July 2024, Madhya Pradesh ranked first in the ‘Best Performing State’ category, reflecting its successful implementation of the scheme. Assam also stood out, securing second place in the ‘Best Performing State – Innovation and Best Practices Award’ category, recognized for its innovative approaches to support street vendors.
Impact on Street Vendors
The scheme has had a profound impact on the lives of millions of street vendors, enabling them to access much-needed capital to sustain and grow their businesses. It has empowered vendors to become self-reliant, contributing to the broader goal of inclusive urban development.
The PM SVANidhi scheme continues to play a crucial role in supporting India’s street vendors, who are a vital part of the country’s informal economy. With significant progress in loan disbursement and repayment, the scheme is a testament to the government’s commitment to promoting economic resilience and ensuring the welfare of street vendors across the nation.
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