PM SVANidhi scheme has restored dignity of street vendors: Hardeep Puri

The scheme has extended more than 80.42 lakh loans to 60.94 lakh street vendors amounting to Rs 10,678 crore by facilitating collateral-free first working capital loan up to Rs 10,000 in first tranche

Union minister Hardeep Singh Puri on Friday said the PM SVANidhi scheme has restored the dignity of street vendors who are no longer solely dependent on informal credit channels where they were forced to pay "exorbitant interest rates".

The scheme has extended more than 80.42 lakh loans to 60.94 lakh street vendors amounting to Rs 10,678 crore by facilitating collateral-free first working capital loan up to Rs 10,000 in the first tranche, and Rs 20,000 and Rs 50,000 in the second and third tranches respectively, Puri said.

The Union housing and urban affairs minister was speaking at a PM SVANidhi (PM Street Vendor's AtmaNirbhar Nidhi) mega camp here.

Puri said the PM SVANidhi scheme was launched during the COVID-19 pandemic when India's street vendors were among the worst affected.

"The aim of the SVANidhi Yojana was to restore the swarozgar, svavlamban, swabhimaan of street vendors," he said, adding that it has not only resulted in 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," the minister said.