PM SVANidhi restores the dignity of street vendors: Housing Minister Hardeep S Puri

Elaborating on the context of the conceptualisation of the PM SVANidhi scheme, Shri Hardeep Singh Puri, Minister of Housing & Urban Affairs and Petroleum & Natural Gas, said that the scheme was launched during the pandemic when India’s street vendors were among the most harshly affected. “The aim of the SVANidhi Yojana was to restore the Swarozgar, Svavlamban, Swabhimaan of street vendors”, he said.

The Minister was speaking at PM SVANidhi Mega Camp here today. As part of this event, loans were distributed to 10,000 street vendors.

Shri Vinai Kumar Saxena, Lt. Governor, Delhi, Shri Bhagwat Kishanrao Karad, Minister of State, Finance, Smt. Meenakshi Lekhi, Minister of State, External Affairs and Culture, and Dr Harsh Vardhan, Member of Parliament, Delhi were among the dignitaries present at the event.

Drawing attention to the achievements of PM SVANidhi Scheme, the Minister noted that the scheme has extended more than 80.42 lakh loans to 60.94 lakh street vendors amounting to Rs 10,678 crores by facilitating collateral-free first working capital loan up to Rs. 10,000 in the first tranche, and then Rs. 20,000 and Rs. 50,000 in the second and third tranches respectively. He said that the scheme has not only resulted in the financial inclusion of street vendors but has also led to their respect and dignity. “Now, street vendors are no longer solely dependent on informal credit channels where they were forced to pay exorbitant interest rates. The government has provided them with an alternative.”, Shri Puri said.

Speaking about the benefit of the scheme to Delhi Street Vendors, Minister Hardeep Singh Puri, said that the scheme has provided much-need support to our brothers and sisters in Delhi from the street vendor community. He said that as of 14 February 2024, we have received 3.05 lakh loan applications from the street vendors of Delhi, of which 2.2 lakh applications have been sanctioned by banks and 1.9 lakh loans already disbursed worth Rs. 221 crores. With the disbursement of 10,000 loans in today’s Mega Camp, the milestone of 2 lakh loan disbursement in Delhi will be crossed.

Disclaimer: This is an official press release by Pib.