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| PM SVANidhi Modi’s financial security and dignity to millions of street vendors: Dr. Pardeep | |
Jammu, June 01 (Scoop News)-Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme has emerged as a crucial support system for millions of street vendors across the country who, despite their hard work and contribution to the economy, remained deprived of access to institutional credit for decades, said Dr. Pardeep Mahotra, J&K BJP Media Incharge.
Dr. Pardeep Mahotra said that street vendors are an indispensable part of India's economic and social fabric. From supplying daily essentials to creating self-employment opportunities, they play a vital role in the functioning of urban and semi-urban economies. However, due to the absence of collateral and banking access, most vendors were compelled to rely on private moneylenders charging exorbitant interest rates, trapping them in a cycle of debt and financial insecurity.
Dr. Pardeep said that recognizing these challenges, Prime Minister Narendra Modi launched PM SVANidhi in 2020 with a vision to empower street vendors through easy access to affordable credit. The scheme provides collateral-free loans ranging from Rs 15,000 to Rs 50,000, enabling vendors to revive and expand their businesses without financial burden.
Quoting official figures, Dr. Pardeep said that more than 75 lakh street vendors have benefited from the scheme and loans worth over Rs 17,800 crore have been sanctioned across the country. Significantly, around 95 percent of the beneficiaries received formal bank credit for the first time in their lives, making PM SVANidhi one of the most successful financial inclusion initiatives undertaken in independent India.
Dr. Pardeep further said that the scheme has played a major role in integrating small vendors into the digital economy. More than 841 crore digital transactions worth nearly Rs 9 lakh crore have been recorded under the initiative. Beneficiaries have also received around Rs 800 crore through interest subsidies and digital cashback incentives, he said.
Highlighting the scheme’s contribution to women empowerment, Dr. Pardeep said that nearly 46 percent of the beneficiaries are women. This has enabled thousands of women-led households to become financially self-reliant.
Dr. Pardeep said the scheme has not only provided financial assistance but also restored confidence, dignity and economic security to one of the most vulnerable sections of society. He added that the decision to continue and expand such initiatives reflects the Modi Government's commitment to ensuring that every hardworking citizen receives an opportunity to progress with dignity and become an active participant in India's growth story.
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