Since its launch during the COVID-19 pandemic, the PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has revolutionized access to credit for street vendors across India. Offering collateral-free loans and digital incentives, the program has empowered millions, helping them restart and grow their businesses while promoting financial inclusion on a large scale.
The initiative has now been extended until 2030 with an increased budget and higher loan limits, aiming to cover over 11 million beneficiaries. According to government data, more than 7.5 million street vendors have accessed over 11 million loans totaling nearly Rs 18,000 crore. These funds have supported vendors in restocking and expanding their enterprises, with many entering formal banking systems for the first time.
The scheme’s impact extends beyond credit availability. Nearly 95 percent of recipients gained formal institutional credit access, while about 30 percent secured additional funds beyond their initial PM SVANidhi loans. Cashback incentives and interest subsidies, worth around Rs 800 crore, have encouraged digital payments and timely repayments, fostering lasting financial discipline among vendors. Annual income growth for beneficiaries has reached close to 20 percent, signaling improved economic stability.
Digital transactions soared, with over 841 crore payments amounting to nearly Rs 9 lakh crore processed digitally by street vendors. The government highlights this as part of the broader push towards a digital economy. Moreover, close to 6 lakh street food vendors received training in hygiene and food safety from the Food Safety and Standards Authority of India (FSSAI), elevating health standards within the sector.
The program also emphasizes social inclusion. Approximately 70 percent of the 5.3 million beneficiaries belong to marginalized communities, while women comprise 46 percent of participants, gaining increased confidence and financial security. This demographic inclusion supports broader empowerment, offering strengthened opportunities for economic participation at the grassroots level.
Prime Minister Narendra Modi praised the scheme for advancing “trust, dignity, and empowerment,” reinforcing its goal to build an Atmanirbhar Bharat (self-reliant India) by uplifting this vital segment of the informal economy. With the government’s continued commitment, PM SVANidhi seeks to solidify the foundation for millions of street vendors to grow sustainably well into the next decade.