Shillong: Prime Minister Narendra Modi celebrated the sixth anniversary of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) this week, highlighting the scheme’s impact on the livelihoods of street vendors across India. Launched in June 2020 to support workers during the Covid pandemic, the initiative provides collateral-free credit and encourages financial inclusion to foster self-reliance.
Government data shows that more than 75 lakh vendors have secured over 112 lakh loans totaling more than Rs 17,800 crore. These funds have allowed small businesses to restock their inventory and expand operations. The program has been successful in bringing 95 percent of these beneficiaries into the formal banking system for the first time, while nearly 30 percent have gone on to access additional credit beyond the scheme.
Digital integration remains a key pillar of the program. Beneficiaries have processed over 841 crore digital transactions valued at nearly Rs 9 lakh crore. To further support growth, the government has provided nearly Rs 800 crore in cashback incentives and interest subsidies to reward timely repayments and promote digital habits. Additionally, the FSSAI has trained 6 lakh street food vendors in hygiene and safety standards.
The initiative has proven particularly impactful for marginalised groups, with 70 percent of beneficiaries coming from such communities. Nearly 46 percent of participants are women, who report greater stability and confidence in their businesses. Looking ahead, the Centre has extended the scheme until 2030 with an increased outlay of Rs 7,332 crore. This expansion aims to reach 1.15 crore beneficiaries, reinforcing the government’s commitment to empowerment and grassroots economic growth.
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