How is the Vadodara Municipal Corporation Supporting Urban Street Vendors with PM SVANidhi Scheme?
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Synopsis
Discover how the Vadodara Municipal Corporation is empowering over 3,000 street vendors through the relaunch of the PM SVANidhi Scheme 2.0 during the Urban Development Year festivities. Aiming to register 50,000 vendors, this initiative is set to transform lives and boost local businesses. Join us as we explore the impacts of this vital scheme!
Key Takeaways
- Vadodara Municipal Corporation relaunches PM SVANidhi Scheme 2.0.
- Over 3,000 street vendors registered.
- Aim to enroll more than 50,000 vendors in six months.
- Increased loan amounts available: Rs 15,000, Rs 25,000, Rs 50,000.
- Promotes financial inclusion and economic growth for street vendors.
Vadodara, Sep 30 (NationPress) - The Vadodara Municipal Corporation has reintroduced the PM SVANidhi Scheme 2.0 for street vendors as part of the Urban Development Year festivities. In a two-day event at the Pandit Deendayal Upadhyay Auditorium, more than 3,000 street vendors registered for the initiative. The Corporation aims to enroll over 50,000 vendors in the upcoming six months.
This public welfare fair garnered significant attention, with numerous beneficiaries commending Prime Minister Narendra Modi’s initiative for its beneficial effects on their livelihoods.
Under the revised PM SVANidhi Yojana 2.0, loan amounts have been escalated, introducing new tiers of Rs 15,000, Rs 25,000, and Rs 50,000. Vendors from various communities, including the Kela community, received loan cheques and expressed gratitude for the government’s initiatives.
Arun Mahesh Babu, the Municipal Commissioner of Vadodara, remarked, “We launched PM SVANidhi Yojana 2.0 on PM Modi’s birthday, and the response has been overwhelmingly positive. The presence of government representatives at the event underscores its significance. This scheme promises to benefit many and expand business prospects.”
Several beneficiaries shared their stories with IANS.
Mehul Vaghela stated, “I received a notification for a Rs 50,000 loan. This is fantastic and will facilitate the growth of my business. I am thankful to PM Modi for this initiative.”
Similarly, beneficiary Yohan Edhi expressed, “We are thrilled with this scheme. I received the funds and plan to invest it back into my business. It’s a tremendous help for my enterprise.”
The Union Cabinet has sanctioned the restructuring and extension of the PM SVANidhi Scheme until March 31, 2030, aiming to support 1.15 crore street vendors, including 50 lakh new beneficiaries.
Initiated by the Ministry of Housing & Urban Affairs (MoHUA) in 2020, this scheme provides working capital loans to street vendors impacted by the COVID-19 pandemic, facilitating the restart of their businesses. It also fosters financial inclusion and promotes digital transaction adoption.
Launched on June 1, 2020, PM SVANidhi is a central-sector micro-credit scheme designed to offer support to street vendors. The initiative provides collateral-free working capital loans starting at Rs 10,000, with subsequent loans of Rs 20,000 and Rs 50,000, along with a 7% interest subsidy. Additionally, street vendors can earn cashback of up to Rs 100 monthly for digital transactions.
The primary goal of the scheme is to formalize the street vendor sector while unlocking new opportunities for economic growth. Street vendors are essential to the urban informal economy, providing goods and services at affordable rates directly to city dwellers.
Known by various terms such as vendors, hawkers, thelewala, rehriwala, and theliphadwala, they offer a diverse range of products, including vegetables, fruits, ready-to-eat street food, tea, pakodas, bread, eggs, textiles, clothing, footwear, artisan goods, and stationery.
Point of View
It's crucial to highlight the ongoing efforts to support street vendors through the PM SVANidhi Scheme. This initiative not only aids those affected by the pandemic but also emphasizes the importance of financial inclusion and the role of street vendors in the urban economy. By fostering business opportunities, the government is making significant strides in uplifting the informal sector.
NationPress
30/09/2025
Frequently Asked Questions
What is the PM SVANidhi Scheme?
The PM SVANidhi Scheme is a government initiative launched in 2020 to provide working capital loans to street vendors affected by the COVID-19 pandemic, facilitating the resumption of their businesses.
What are the new loan amounts available under PM SVANidhi Yojana 2.0?
The loan amounts have been increased to Rs 15,000, Rs 25,000, and Rs 50,000 under the PM SVANidhi Yojana 2.0.
How many vendors does the Vadodara Municipal Corporation aim to register?
The Vadodara Municipal Corporation aims to register more than 50,000 street vendors within the next six months.
What is the objective of the PM SVANidhi Scheme?
The objective of the scheme is to formalize the street vendor sector and open new avenues for economic advancement.
Who are the beneficiaries of this scheme?
The beneficiaries include street vendors from various communities who have been adversely affected by the pandemic.
