PM SVANidhi Scheme: 10,000 Street Vendors Receive Loans in Today's Mega Camp

Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, emphasized the critical need for the PM SVANidhi scheme during the pandemic. He highlighted how India's street vendors bore the brunt of economic upheaval, prompting the conceptualization of the scheme. The primary objective was to revive the autonomy and dignity of street vendors, restoring their self-reliance and pride in their work.

Highlights of Mega Camp Event

The Minister addressed the significance of the PM SVANidhi Mega Camp, where 10,000 street vendors received loans. Distinguished guests, including Vinai Kumar Saxena, Lt. Governor of Delhi, Bhagwat Kishanrao Karad, Minister of State for Finance, Meenakashi Lekhi, Minister of State for External Affairs and Culture, and Dr. Harsh Vardhan, Member of Parliament, Delhi, graced the occasion with their presence.

Achievements of PM SVANidhi Scheme

Underlining the scheme's success, the Minister revealed impressive statistics: over 80.42 lakh loans have been extended to 60.94 lakh street vendors, totaling Rs 10,678 crores. The scheme provides collateral-free working capital loans, initially up to Rs. 10,000, and subsequently up to Rs. 20,000 and Rs. 50,000 in the second and third tranches respectively. This initiative not only fosters financial inclusion but also enhances the dignity of street vendors, liberating them from exploitative informal credit channels.

Impact on Delhi Street Vendors

Minister Hardeep Singh Puri highlighted the tangible benefits of the PM SVANidhi scheme for Delhi's street vendor community. As of February 14, 2024, Delhi has received 3.05 lakh loan applications, with 2.2 lakh applications sanctioned and 1.9 lakh loans disbursed, amounting to Rs. 221 crores.

With an additional 10,000 loans disbursed during the Mega Camp, the milestone of 2 lakh loan disbursements in Delhi will be achieved, signifying substantial support for the city's street vendors.

PM SVANidhi restores dignity of street vendors: Union Minister @HardeepSPuri 

Scheme benefits 60.94 lakh street vendors across country. The aim of the SVANidhi Yojana was to restore the Swarozgar, Svavlamban, Swabhimaan of street vendors: @HardeepSPuri 

Loans disbursed to… pic.twitter.com/TZWFUpqpGq
— PIB India (@PIB_India) February 16, 2024