What is the impact of the PM SVANidhi scheme in India
The PM SVANidhi scheme has benefited a significant number of street vendors.
The PM SVANidhi (Pradhan Mantri Street Vendor's AtmaNirbhar Nidhi) scheme has had a positive impact on street vendors in India. Here are some key points:
- Financial Inclusion: The scheme aims to provide a one-time working capital loan of up to ₹10,000 to street vendors, helping them restart their businesses affected by the COVID-19 pandemic.
- Beneficiaries: Since its launch in June 2020, over 28 lakh street vendors have been registered under the scheme, and over 15 lakh loans have been disbursed. This highlights the significant reach of the scheme in providing financial support to a large number of street vendors.
- Livelihood Support: PM SVANidhi promotes the sustenance and growth of street vendors' businesses, contributing to their economic stability and helping them achieve self-sufficiency.
- Empowerment: By providing loans without collateral, the scheme empowers street vendors, especially women and marginalized groups, who usually face difficulties in accessing formal credit.
- Digital Transformation: The scheme encourages street vendors to adopt digital payment systems, which enhances transparency, financial inclusion, and contributes to the overall digital transformation agenda of the country.
- Integration with Existing Schemes: PM SVANidhi is also linked with other government schemes like the Pradhan Mantri Jan Dhan Yojana, MUDRA, and Swachh Bharat Abhiyan, creating synergies and maximizing the benefits for street vendors.
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a year ago