Budgetary Allocation and Policy Changes
In the Union Budget 2024, the Government of India has announced an extension of the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme, with notable enhancements. The budget allocates significant funds to support street vendors, extending the lending period of the PM SVANidhi Scheme till December 2024. Additionally, the budget introduces a third loan of up to ₹50,000, complementing the existing ₹10,000 and ₹20,000 loans. This allocation reflects the government’s commitment to empowering street vendors and fostering economic resilience.
Enhanced Provisions and Benefits
Under the revamped PM SVANidhi Scheme, street vendors witness a surge in benefits and opportunities. As of November 30, 2022, over 31.73 lakh street vendors have availed the first loan of ₹10,000, with 5.81 lakh beneficiaries accessing the second loan of ₹20,000. Notably, 6,926 street vendors have availed the newly introduced third loan of ₹50,000, signaling enhanced financial support and flexibility for vendors across the nation.
Empowering Street Vendors and Promoting Sustainability
The PM SVANidhi Scheme stands as a testament to the government’s commitment to empower street vendors and promote sustainable livelihoods. With over 57 lakh street vendors benefiting from the scheme, it has emerged as a beacon of hope during challenging times, providing financial assistance, digital enablement, and market expansion opportunities. Noteworthy is the significant participation of women, comprising 45% of beneficiaries, and the inclusion of 72% from marginalized sections, underlining the scheme’s inclusive nature and societal impact.
The extension of the PM SVANidhi Scheme with enhanced provisions in Budget 2024 reflects the government’s dedication to uplifting the street vendor community and fostering economic resilience amidst evolving challenges. As the scheme continues to evolve and expand, it holds the promise of driving positive socio-economic transformation and empowering millions of street vendors across India.
