PM SVANidhi: Enhancing Financial Empowerment for Street Vendors
The PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme launched by the Government of India provides financial support to street vendors through affordable working capital loans, fostering financial inclusion and social protection. Introduced in June 2020 amidst pandemic challenges, the scheme is jointly implemented by the Ministry of Housing and Urban Affairs and the Department of Financial Services, aiming to uplift a significant part of the informal workforce. It includes collateral-free loans, interest subsidies, and digital transaction incentives. By 2026, it has notably enhanced vendors' livelihoods and financial status, bolstering digital and financial literacy among beneficiaries while extending institutional credit access for the first time to many.
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