Politics
PM Modi celebrates 6 years of PM SVANidhi scheme, empowers street vendors
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Updated: June 1, 2026 11:58 EAST
New Delhi [India]June 1 (ANI): Marking the sixth anniversary of street vendor Pradhan Mantri’s AtmaNirbhar Nidhi (PM SVANidhi) scheme on Monday, Prime Minister Narendra Modi highlighted the success of the scheme in bringing street vendors into the formal financial fold. The Prime Minister said the program was focused on “confidence, dignity and empowerment”.
Prime Minister Narendra Modi, in a post on his X account, wrote about how the initiative has enabled countless street vendors to access affordable ‘unsecured credit’.
The Prime Minister wrote: “Today we celebrate #6 years of PMSVANidhi, a program that has transformed the lives of countless street vendors by ensuring access to collateral-free credit, financial inclusion and new growth opportunities. »
“This program is focused on confidence, dignity and empowerment. My best wishes to all beneficiaries whose determination and entrepreneurship continue to strengthen our country’s economy,” the message read.
Meanwhile, according to a press release, PM SVANidhi has emerged as a major initiative supporting vendors working in India’s informal urban economy. Beyond providing collateral-free loans, the program encouraged digital adoption, improved access to institutional credit and expanded social security coverage.
Since its launch in 2020, over 1.12 crore loans have already been disbursed. The initiative has benefited over 75 lakh beneficiaries across cities and towns. Loans worth over ₹17,800 crore have been provided under this scheme. Its impact is visible not only in the official figures, but also in the daily journey of sellers to build stronger and more sustainable livelihoods, the press release said.
In recent years, the program has seen remarkable growth in cities and towns across the country. Over 75.5 lakh beneficiaries have benefited from over 1.12 crore loans amounting to over ₹17,800 crore. Over 55 lakh beneficiaries have been digitally onboarded under the scheme.
According to the press release, the program has strengthened business sustainability and improved revenues for sellers across the country. Nearly 95% of beneficiaries accessed formal institutional credit for the first time under Prime Minister SVANidhi.
Prime Minister SVANidhi also strengthened social inclusion among vulnerable urban communities. Nearly 46% of beneficiaries of this program are women, reflecting strong gender inclusion. Around 70% belong to marginalized communities, highlighting the inclusive reach of the program.
For the millions of people working in the informal economy, Prime Minister SVANidhi has created opportunities that were once difficult to access. In many ways, the initiative reflects a changing vision of urban governance. Small sellers are no longer considered part of the margins. Instead, they are increasingly recognized as having contributed to India’s economic growth, the press release said. (ANI)
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Sources 2/ https://www.aninews.in/news/national/general-news/trust-dignity-empowerment-pm-modi-celebrates-6-years-of-pm-svanidhi-scheme-empowers-street-vendors20260601115813/ The mention sources can contact us to remove/changing this article |
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