‘Trust, dignity, empowerment’: PM Modi celebrates six years of PM SVANidhi scheme, empowers street vendors
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’.
“Today, we celebrate 6 Years of PMSVANidhi, a program that has transformed the lives of countless street vendors by providing access to collateral-free credit, financial inclusion and new growth opportunities,” the Prime Minister wrote.
“This plan is all about trust, dignity and empowerment. My best wishes to all beneficiaries whose determination and initiative continues to strengthen our nation’s economy,” the post said.
Meanwhile, PM SVANidhi has emerged as a major initiative to support vendors working in India’s informal urban economy, according to a press release. Beyond providing collateral-free loans, the program has encouraged digital adoption, improved access to corporate credit and expanded social security coverage.
More than 1.12 crore loans have been disbursed since its launch in 2020. The initiative has benefited more than 75 lakh beneficiaries across cities and towns. Loans worth over ₹17,800 crore have been provided under the programme. The impact of this can be seen not only in official figures, but also in the daily journeys of vendors who are building stronger and more sustainable livelihoods, the press release said.
Over the past years, the program has witnessed remarkable growth in cities and towns across the country. More than 75.5 lakh beneficiaries have disbursed more than 1.12 crore loans amounting to more than 17,800 crore. More than 55 lakh beneficiaries have been digitally onboarded under the programme. According to the press release, the program has strengthened business sustainability and increased earnings for sellers nationwide. Nearly 95% of beneficiaries accessed formal institutional credit for the first time during Prime Minister SVANidhi’s term.
Prime Minister SVANidhi also strengthened social inclusion among vulnerable urban communities. Approximately 46% of beneficiaries under the program are women, reflecting strong gender inclusion. Nearly 70% belong to marginalized communities, highlighting the program’s inclusive outreach.
Prime Minister SVANidhi has created pathways to once-hard-to-access opportunities for millions of people working in the informal economy. In many ways, the initiative reflects the changing vision of urban governance. Small sellers are no longer considered part of the margins. Instead, they are increasingly recognized as contributors to India’s economic growth story, the press release said.
