Prime Minister Narendra Modi marks the 6th anniversary of the PM SVANidhi scheme, celebrating its success in empowering street vendors with collateral-free credit, fostering financial inclusion, and providing new opportunities for growth and dignity.
Marking the sixth anniversary of the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme on Monday, Prime Minister Narendra Modi highlighted the program’s success in integrating street vendors into the formal financial fold. The Prime Minister expressed that the scheme is about ‘ trust, dignity and empowerment.’
Prime Minister Narendra Modi, in a post on his X account, wrote about how the initiative has empowered countless street vendors through access to affordable, ‘collateral-free credit.’ Prime Minister wrote, “Today we mark #6YearsofPMSVANidhi, a scheme which has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new opportunities for growth.” “This scheme is all about trust, dignity and empowerment. My best wishes to all beneficiaries whose determination and enterprise continue to strengthen our nation’s economy,” the post read.
Key Achievements and Impact
Meanwhile, according to a press release, PM SVANidhi has emerged as a major initiative supporting vendors working across India’s informal urban economy. Beyond providing collateral-free loans, the scheme has encouraged digital adoption, improved access to institutional credit and expanded social security coverage.
Impressive Growth in Numbers
Since its launch in 2020, more than 1.12 crore loans have already been disbursed. The initiative has benefited over 75 lakh beneficiaries across cities and towns. Loans worth over ₹17,800 crore have been provided under the scheme. Its impact is visible not only in official numbers but also in the everyday journey of vendors building stronger and more sustainable livelihoods, the press release stated. Over the past years, the scheme has witnessed remarkable growth across cities and towns nationwide. More than 75.5 lakh beneficiaries have availed over 1.12 crore loans amounting to more than ₹17,800 crore. Over 55 lakh beneficiaries have been onboarded digitally under the scheme.
Empowering Businesses and Vulnerable Communities
According to the press release, the scheme has strengthened business sustainability and improved earnings for vendors across the country. Nearly 95% of beneficiaries accessed formal institutional credit for the first time under PM SVANidhi.
PM SVANidhi has also strengthened social inclusion among vulnerable urban communities. Nearly 46% of beneficiaries under the scheme are women, reflecting strong gender inclusion. Around 70% belong to marginalised communities, highlighting the scheme’s inclusive outreach.
For millions working in the informal economy, PM SVANidhi has created pathways to opportunity that were once difficult to access. In many ways, the initiative reflects a changing vision of urban governance. Small vendors are no longer seen as part of the margins. Instead, they are increasingly recognised as contributors to India’s economic growth story, the press release stated. (ANI)
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