Empowering Street Vendors: PM SVANidhi Scheme Extended and Restructured
The Union Cabinet has approved the extension and restructuring of the PM SVANidhi scheme, aimed at supporting street vendors, until 2030 with a budget of Rs 7,332 crore. The scheme offers enhanced loan amounts, digital payment incentives, and a RuPay credit card, benefiting 1.15 crore vendors.
- Country:
- India
The Union Cabinet has given the green light to extend and restructure the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme until March 31, 2030. With a substantial budget of Rs 7,332 crore, the initiative aims to bolster the livelihoods of street vendors across the nation.
Announced during a meeting led by Prime Minister Narendra Modi, notable changes in the scheme include increased loan limits and the introduction of UPI-linked RuPay credit cards. New incentives are designed to support vendors engaging in digital transactions, with potential cashback benefits up to Rs 1,600.
The scheme, initially launched on June 1, 2020, amid the COVID-19 pandemic, has disbursed loans worth Rs 13,797 crore to over 68 lakh vendors. With this restructuring, the focus shifts to entrepreneurship, financial literacy, and digital skills training, aiming to formalize and acknowledge vendors' contributions to the economy.
(With inputs from agencies.)
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