Restructuring and Extension of PM SVANidhi Scheme
The Union Cabinet has approved the restructuring and extension of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme. The scheme will now be valid until March 31, 2030, with a total financial outlay of ₹7,332 crore.
Loan Provisions
- The first tranche loan limit increased from ₹10,000 to ₹15,000.
- The second tranche raised from ₹20,000 to ₹25,000.
- The third tranche remains at ₹50,000.
Additional Benefits
- Street vendors repaying their second loan on time will be eligible for a UPI-linked RuPay credit card for business and personal needs.
- Incentives of up to ₹1,600 will be offered for digital payments on retail and wholesale transactions.
Scheme Objectives and Management
- Aims to benefit 11.5 million beneficiaries, including 5 million new street vendors.
- Ministry of Housing and Urban Affairs (MoHUA) will anchor the scheme with the Department of Financial Services (DFS) facilitating loans and credit cards through banks.
- Focus on entrepreneurship, financial literacy, digital skills, and marketing.
- Collaborative training on hygiene and food safety with FSSAI for street food vendors.
Background and Achievements
- The PM SVANidhi scheme was launched on June 1, 2020, to support street vendors affected by the COVID-19 pandemic.
- It has provided financial support and recognized the economic contributions of street vendors.
