India's PM SVANidhi scheme has completed six years and has helped millions of street vendors get loans, improve income, and join the formal banking system.
More than 75 lakh vendors have received over 112 lakh loans worth Rs 17,800 crore. The scheme has become one of the biggest support systems for small street businesses across the country.
Why This Scheme Matters
Street vendors are a major part of India's economy. They sell food, clothes, fruits, vegetables, and many daily-use products. During the Covid pandemic, many vendors lost their income and struggled to restart their businesses.
To support them, the government launched PM Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) in June 2020. The scheme provides collateral-free loans and encourages vendors to use digital payments while building a strong credit history.
PM Modi Highlights Six Years of Success
Prime Minister Narendra Modi marked the sixth anniversary of PM SVANidhi by praising the achievements of the scheme. He said the initiative is built on trust, dignity, and empowerment.
According to the Prime Minister, the determination and hard work of street vendors continue to strengthen India's economy. He also extended his wishes to all beneficiaries who have used the scheme to grow their businesses.
Big Numbers Tell the Story
The impact of PM SVANidhi has been significant. Official figures show that more than 75 lakh vendors have benefited from over 112 lakh loans worth more than Rs 17,800 crore.
Nearly 95 per cent of beneficiaries entered the formal credit system for the first time. This means many vendors who never had access to bank loans are now connected to financial institutions.
The scheme has also helped increase incomes. Government data suggests PM SVANidhi has contributed to nearly 20 per cent annual income growth among beneficiaries.
Digital Payments Drive Growth
One of the biggest achievements of the scheme is the rise in digital transactions. Street vendors have carried out more than 841 crore digital transactions worth nearly Rs 9 lakh crore.
The government also provided around Rs 800 crore through cashback rewards and interest subsidies. These incentives encouraged vendors to adopt digital payments and repay loans on time.
As a result, many small businesses are becoming a part of India's fast-growing digital economy.
Women and Marginalised Communities Benefit
The scheme has also created opportunities for women and socially disadvantaged groups. Around 46 per cent of beneficiaries are women, helping them gain financial stability and stronger business confidence.
Nearly 53 lakh beneficiaries belong to marginalised communities. The programme has opened new doors for financial inclusion and economic growth at the grassroots level.
What Comes Next
The government has extended PM SVANidhi until 2030 with a higher outlay of Rs 7,332 crore. The goal is to reach around 1.15 crore beneficiaries in the coming years.
Higher loan limits, UPI-linked credit cards, and additional financial support are expected to make the scheme even more effective. The focus remains on helping small vendors become self-reliant and financially secure.
A Strong Step Towards Self-Reliance
Six years after its launch, PM SVANidhi continues to transform the lives of street vendors across India. From easy loans to digital payments and higher earnings, the scheme has helped millions build a better future. As the programme expands further, it is expected to play an even bigger role in supporting small businesses and strengthening the vision of an Aatmanirbhar Bharat.
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