Indian Economy News

PM SVANidhi Scheme aims to benefit 1.15 crore street vendors, including 50 lakh new beneficiaries

According to information provided by the Government of India, the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme is intended for 1.15 crore street vendors, including 50 lakhs as new beneficiaries. The scheme is intended to provide institutionalised support for street vendors by way of financial inclusion through access to credit and the provision of information related to financial inclusion, which will help to create sustainable livelihoods for street vendors, establish self-employment for them, and integrate them into the formal financial system.

The PM SVANidhi Scheme supports both established and newly identified street vendors in urban areas, promoting sustainable sources of income for individuals engaged in informal economic activities. This support is part of the Government's larger goal of helping economically disadvantaged individuals by making it easier for them to access credit and creating an environment that fosters inclusive economic growth. By broadening the base of candidates eligible for assistance under PM SVANidhi, the scheme also aims to develop more sustainable companies through grassroots entrepreneurship and sustained support for street vendors nationwide.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.