The Bharat Progress Report 2024: Over 13 Crore Vendors Received Loan Under PM SVANidhi Scheme

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.

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.

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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