New Delhi, May 31 (IANS) Union Minister for Housing and Urban Affairs Manohar Lal on Sunday said that the PM SVANidhi Scheme, launched by Prime Minister Narendra Modi in 2020, has emerged as a major initiative to empower street vendors and strengthen the livelihoods of the urban poor across the country.

Highlighting the impact of the scheme, the Union Minister said the initiative was aimed not only at providing collateral-free loans to street vendors, but also at ensuring dignity, confidence and opportunities for them to move forward in life with financial security and social recognition.

“Prime Minister Narendra Modi, recognising the hard work, struggles and contribution of street vendors, launched the PM SVANidhi Scheme in 2020 with the vision of empowering the urban poor and strengthening their livelihoods,” he said.

“The objective of the scheme was not merely to provide collateral-free loans, but also to ensure dignity, confidence and opportunities for street vendors to move forward in life with financial security and social recognition,” he added.

Manohar Lal said that more than 75.5 lakh street vendors across India have benefited under the PM SVANidhi Scheme over the last six years.

He added that over 1.12 crore collateral-free loans have been sanctioned so far under the scheme, while more than Rs 17,800 crore has been disbursed to beneficiaries nationwide.

The minister said the scheme has played a crucial role in bringing lakhs of street vendors into the formal banking system for the first time, helping them become part of the formal economy and paving the way for greater financial inclusion and self-reliance.

Referring to the North-Eastern region, Manohar Lal stated that more than 2.59 lakh loans have been distributed among street vendors, with financial assistance exceeding ₹430 crore provided under the scheme.

Speaking specifically about Tripura, the Union Minister said that over 9,300 loans have been sanctioned in the state so far, while nearly Rs 15 crore has been disbursed to beneficiaries.

“Lakhs of people have connected with the banking system for the first time through PM SVANidhi and have become part of the formal economy, thereby paving the way for financial inclusion and self-reliance,” the Union Minister mentioned.

The PM SVANidhi Scheme was launched in 2020 to provide affordable working capital loans to street vendors affected by the Covid-19 pandemic and to support small businesses operating in urban areas.

–IANS

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