PM Modi Addresses Beneficiaries of PM SVANidhi Scheme, Distributes Loans to Street Vendors

Delhi:  Prime Minister Narendra Modi addressed the beneficiaries of the PM SVANidhi scheme today at JLN Stadium in Delhi, marking a significant milestone in the government’s efforts towards economic empowerment. The Prime Minister distributed loans to 1 lakh street vendors, including 5,000 from Delhi, as part of the scheme. Additionally, he laid the foundation stone for two additional corridors of Delhi Metro’s Phase 4, underlining the government’s commitment to improving infrastructure and connectivity.

In his address, Prime Minister Modi acknowledged the invaluable contribution of street vendors to society, especially during challenging times like the pandemic. He emphasized their resilience and importance in everyday life, recognizing their efforts in sustaining themselves and their families through hard work and self-respect.

The Prime Minister highlighted the historical neglect faced by street vendors, noting the lack of government support in the past. He contrasted previous high-interest loans with the PM SVANidhi scheme’s provision of affordable loans directly into beneficiaries’ accounts. PM Modi assured street vendors of his personal guarantee, emphasizing the government’s commitment to their welfare.

Under the PM SVANidhi scheme, over 62 lakh beneficiaries have received assistance totaling Rs 11,000 crores, with more than half being women. The scheme aims to empower street vendors by providing them with financial support and integrating them into the formal economy through digital transactions.

Addressing the challenges faced by street vendors, PM Modi highlighted the scheme’s role in providing access to other government benefits such as free ration, healthcare, and gas connections. He also praised the transformative impact of initiatives like One Nation One Ration Card, which facilitates access to essential services across the country.

The Prime Minister reiterated the government’s focus on holistic development, citing initiatives like the construction of pucca houses for the urban poor, metro expansion, and measures to combat pollution. He emphasized the importance of sports in youth development, mentioning the Khelo India initiative as a platform for nurturing talent from ordinary families.

Highlighting the success of the PM SVANidhi scheme, Prime Minister Modi emphasized its role in promoting financial inclusion and empowering marginalized communities. He expressed confidence in India’s trajectory towards becoming the world’s third-largest economy, driven by the welfare of its citizens and the elimination of corruption and appeasement.

The event was attended by dignitaries including Lieutenant Governor of Delhi Vinay Kumar Saxena, Union Minister for Housing and Urban Affairs Hardeep Singh Puri, and Union Minister of State for Finance Bhagwat Kishanrao Karad, underscoring the government’s collective commitment to inclusive growth and development.

The PM SVANidhi scheme, launched in June 2020, continues to be a beacon of hope for street vendors across the country, providing them with the means to improve their livelihoods and contribute to India’s economic progress.