The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme, launched in 2020 to support urban street vendors during the COVID-19 pandemic, has achieved a significant milestone as of December 8, 2024. According to the Union Ministry of Housing and Urban Affairs, the scheme has disbursed 94.31 lakh loans, amounting to a total of ₹13,422 crore (US$ 1.58 billion), helping street vendors rebuild their livelihoods.

Collateral-Free Loans for Street Vendors

The PM SVANidhi scheme offers collateral-free loans of up to ₹50,000 (US$ 589.21) to street vendors in urban areas. These loans are distributed in tranches, providing financial assistance to vendors to revive their small businesses and improve their economic stability.

As of now, 40.36 lakh loans have been repaid by beneficiaries, demonstrating the scheme’s success in empowering vendors to achieve financial independence. Notably, there have been no fraud-related complaints regarding the loan disbursement process, showcasing the transparency and integrity of the program.

State Performance and Awards

Under the PM SVANidhi scheme, states and Union Territories are evaluated and ranked based on their performance in disbursing loans and implementing innovative practices. States are grouped into categories, including large states, hilly and northeastern states, small states, and Union territories, with specific disbursement targets set for each.

• Madhya Pradesh emerged as the top performer in July 2024, earning the 'Best Performing State' award for its exemplary implementation of the scheme.
• Assam secured the second spot in the 'Best Performing State - Innovation and Best Practices Award' category, highlighting its creative approaches to enhance the scheme's outreach.

Empowering Vendors Across India

The PM SVANidhi scheme has become a critical tool in supporting urban street vendors, who form the backbone of informal trade in India. By enabling access to affordable credit, the program not only helps vendors recover from financial challenges but also provides a pathway for sustained growth.

The loans are disbursed equitably across states and Union Territories, ensuring inclusivity. Hilly and northeastern states receive special attention to address unique challenges in these regions. The scheme's success is reflected in the consistent repayments and positive feedback from beneficiaries.

A Model of Transparency

One of the standout features of the PM SVANidhi scheme is its fraud-free implementation, achieved through robust monitoring mechanisms. This ensures that funds reach the intended beneficiaries without discrepancies. The online loan application process has further simplified access for vendors, reducing bureaucratic hurdles and enhancing efficiency.

Looking Ahead

The Ministry of Housing and Urban Affairs continues to focus on expanding the scheme's reach, with new initiatives planned to benefit a larger pool of vendors. The program has set a benchmark for similar welfare schemes, underlining the importance of financial inclusion and targeted support for vulnerable groups.

The Upcoming IPOs in this week and coming weeks are Identical Brain Studios, Transrail Lighting, Mamata Machinery, DAM Capital  Sanathan Textiles, Concord Enviro, Newmalayan Steel, Ventive Hospitality, Senores Pharmaceuticals, Carraro India, Solar91 Cleantech, Unimech Aerospace, Rosmerta Digital, Indo Farm, and Avanse FinancialThe Current active IPO is NACDAC Infrastructure, International Gemmological and Hamps Bio.

For more details on upcoming IPOs, you can visit our page at Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi and stay updated with the latest news on IPO updates on Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News - Finance Saathi. Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates. Start your Stock Market Journey and Apply in IPO by opening a Free Demat Account in Choice Broking FinX.