PM SVANidhi Scheme Empowers Street Vendors: 10,000 Loans Disbursed at Mega Camp

New Delhi:   Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, highlighted the success and impact of the PM SVANidhi scheme at a Mega Camp held today, where 10,000 loans were distributed to street vendors. Speaking at the event, the Minister emphasized the importance of the SVANidhi Yojana, launched during the pandemic to support the street vendors who were severely affected.

Shri Puri noted that the aim of the SVANidhi Yojana was to restore the Swarozgar, Svavlamban, and Swabhimaan of street vendors. He pointed out that India’s street vendors faced significant challenges during the pandemic, and the scheme was conceptualized to provide them with financial support and empower them economically.

As part of the achievements of the PM SVANidhi Scheme, the Minister revealed that over 80.42 lakh loans have been extended to 60.94 lakh street vendors, amounting to Rs 10,678 crores. The scheme facilitated collateral-free working capital loans, starting with Rs. 10,000 in the first tranche, followed by Rs. 20,000 and Rs. 50,000 in the second and third tranches, respectively.

Shri Puri highlighted the positive impact of the scheme on the financial inclusion of street vendors, providing them with an alternative to informal credit channels with exorbitant interest rates. He stressed that the scheme not only contributed to the economic empowerment of street vendors but also enhanced their respect and dignity.

At the Mega Camp held today, Shri Vinai Kumar Saxena, Lt. Governor, Delhi, Shri Bhagwat Kishanrao Karad, Minister of State, Finance, Smt. Meenakashi Lekhi, Minister of State, External Affairs and Culture, and Dr. Harsh Vardhan, Member of Parliament, Delhi, were present among the dignitaries.

Highlighting the specific benefits of the scheme to Delhi’s street vendors, Minister Hardeep Singh Puri revealed that as of February 14, 2024, 3.05 lakh loan applications were received from street vendors in Delhi. Out of these, 2.2 lakh applications have been sanctioned by banks, and 1.9 lakh loans have already been disbursed, amounting to Rs. 221 crores. With the disbursement of 10,000 loans at today’s Mega Camp, the milestone of 2 lakh loan disbursement in Delhi is set to be achieved. The scheme has played a crucial role in providing much-needed support to the street vendor community in Delhi, fostering economic resilience and growth.