New Delhi, May 31 (IANS) As the Prime Minister Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) completes six years of providing loans and propping up crores of street vendors, hit by the Covid-19 pandemic, on June 1, 2026 (Monday), a lookback at the scheme shows its contribution in handholding the sector and bringing back to life, which once precariously hanged in despair and uncertainty.
The scheme was launched by Prime Minister Narendra Modi on June 01, 2020, with the aim of facilitating collateral-free working capital loans to street vendors to restart their businesses, adversely impacted by the pandemic.
In the past six years, the scheme has given a strong fillip to the disorganised sector and helped it register record monetary transactions, leading to its remarkable contribution in powering the Indian economy.
According to official estimates, more than 1.12 crore loans have been disbursed till date, while 841crore digital transactions worth Rs 8.96 lakh crore have been conducted so far.
“More than 75.5 lakh beneficiaries have availed over 1.12 crore loans amounting to more than Rs 17,800 crore. Over 55 lakh beneficiaries have been onboarded digitally under the scheme. Together, they have carried out over 841 crore digital transactions worth nearly Rs 8.96 lakh crore,” said an official statement.
“Beneficiaries under PM SVANidhi have also received nearly Rs 800 crore through digital cashback incentives and interest subsidies,” it added.
The economic gains have added significantly to improving beneficiaries’ living standards as it supports greater housing stability and improved access to nutritious food, healthcare and education.
The PM SVANidhi has also strengthened social inclusion among vulnerable urban communities, as nearly 46 per cent of beneficiaries are women, reflecting strong gender inclusion, and around 70 per cent of beneficiaries belong to the marginalised communities.
The scheme provides loans in three tranches: the first tranche is of Rs 10,000, the second tranche of Rs 20,000, subject to repayment of the first tranche, and the third tranche of Rs 50,000 is given upon settlement of the second loan.
Also, the Modi government, last year, approved the restructuring and extension of the lending period of the PM SVANidhi scheme till 2030. The scheme, with a total outlay of Rs 7,332 crore, will benefit 11.5 million people, including five million new beneficiaries.
--IANS
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