PM SVANidhi Scheme Completes 3 Year, Performance Evaluation
PM SVANidhi Scheme: It is a government initiative launched to support street vendors in India. It provides affordable working capital loans to street vendors to help them restart their businesses and improve their livelihoods. Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme is also important for UPSC Prelims Exam and UPSC Mains Exam (GS Paper 2- Various government Schemes and initiatives for ensuring/promoting the welfare of vulnerable sections of the population).
Minister Hardeep S. Puri, responsible for the Ministry of Housing and Urban Affairs and Petroleum and Natural Gas, commended the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme on reaching a significant milestone of three years.
PM SVANidhi scheme has achieved significant milestones over the past three years. The scheme facilitates working capital loans in three tranches to the Street Vendors.
Cabinet Committee on Economic Affairs had approved the continuation of lending under the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) from March 2022 till December 2024.
PM SVANidhi Scheme launched on 01 June, 2020, aiming to restore Swarozgar, Svavlamban, Swabhimaan (Self Employment, Self-Sustenance, and Self-Confidence) within street vendors has become one of the fastest growing micro-credit schemes of the Government of India and has provided its citizens access to credit and linkages to social security schemes.
The primary objective of the PM SVANidhi Scheme is to provide affordable working capital loans to street vendors to restart their businesses, enhance their livelihoods, and become self-reliant.
Street vendors who fulfill certain criteria are eligible to apply for the PM SVANidhi Scheme. The eligibility criteria include:
Under the PM SVANidhi Scheme, street vendors can avail of working capital loans up to Rs. 10,000. The loan tenure is for one year, with an option for monthly or weekly installments.
To promote timely repayment of loans, the scheme offers a monthly cashback incentive of Rs. 100 to vendors who make regular repayments. Also, vendors who repay their loans effectively can avail an interest subsidy at 7% per annum.
The application process for the PM SVANidhi Scheme is simple and can be done through online and offline modes. Street vendors can apply through the Common Service Centres (CSCs) established at various locations or through the PM SVANidhi portal.
The PM SVANidhi Scheme provides several benefits to street vendors, including:
The PM SVANidhi scheme is implemented by the Ministry of Housing and Urban Affairs in collaboration with state governments, urban local bodies, and other stakeholders. The progress and implementation of the scheme are monitored through the PM SVANidhi dashboard, which provides real-time information on the number of applications, loans disbursed, and other relevant data.
The PM SVANidhi Scheme aims to uplift the lives of street vendors by providing them with access to credit and enabling them to sustain and expand their businesses. It seeks to promote their economic inclusion and contribute to the overall growth of the urban economy.
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The PM SVANidhi (Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi) Scheme is a government initiative launched to support street vendors in India. It provides affordable working capital loans to street vendors to help them restart their businesses and improve their livelihoods.
Street vendors who were engaged in vending activities on or before March 24, 2020, and have no access to formal credit facilities are eligible for the PM SVANidhi Scheme. They should also be above the age of 18 and identified through the survey conducted by urban local bodies (ULBs).
Street vendors can avail working capital loans up to Rs. 10,000 under the PM SVANidhi Scheme.
The loan tenure for the PM SVANidhi Scheme is one year, with the option of monthly or weekly installments.
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