New Delhi, May 31: Union Minister for Housing and Urban Affairs, Manohar Lal, stated on Sunday that the PM Svanidhi Scheme, launched by Prime Minister Narendra Modi in 2020, has emerged as a significant initiative to empower street vendors and strengthen the livelihoods of urban poor across the country.
Highlighting the impact of this scheme, the minister emphasized that its goal extends beyond merely providing street vendors with collateral-free loans. It aims to ensure opportunities for vendors to advance in life with dignity, confidence, financial security, and social recognition.
He remarked, “Recognizing the hard work, struggles, and contributions of street vendors, Prime Minister Narendra Modi initiated the PM Svanidhi Scheme in 2020 to empower urban poor and enhance their livelihoods.”
Lal further explained that the scheme is not just about offering collateral-free loans but also about providing street vendors with opportunities to progress in life with dignity, confidence, and economic security.
He reported that over the past six years, more than 7.55 million street vendors across India have benefited from the PM Svanidhi Scheme.
To date, over 11.2 million collateral-free loans have been approved under this scheme, with beneficiaries receiving more than ₹17,800 crores in financial assistance nationwide.
The minister noted that this initiative has played a crucial role in connecting millions of street vendors to the formal banking system for the first time, facilitating their inclusion in the formal economy and paving the way for greater financial inclusion and self-reliance.
Regarding the northeastern region, Lal mentioned that over 259,000 loans have been distributed to street vendors, with more than ₹430 crores in financial assistance provided under the scheme.
Specifically addressing Tripura, the central minister stated that over 9,300 loans have been approved in the state, with beneficiaries receiving nearly ₹15 crores in support.
Lal concluded, “Through the PM Svanidhi Scheme, millions have connected to the banking system for the first time and become part of the formal economy, paving the way for financial inclusion and self-reliance.”
The PM Svanidhi Scheme was launched in 2020 to provide affordable working capital loans to street vendors affected by the COVID-19 pandemic and to support small businesses operating in urban areas.
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