HomeWhat's TrendingSVANidhi Scheme: Modi Hails Lifeline for Vendors, Disburses Loans Ahead of Polls

SVANidhi Scheme: Modi Hails Lifeline for Vendors, Disburses Loans Ahead of Polls

Prime Minister Narendra Modi celebrated the success of the PM-SVANidhi scheme, calling it a lifeline for street vendors. At a recent event in Jawaharlal Nehru Stadium, Modi disbursed loans to beneficiaries and inaugurated two new Delhi Metro corridors.

The event, strategically held just before the 2024 Lok Sabha polls, saw the nationwide distribution of 100,000 more loans under the SVANidhi scheme, an initiative by the Ministry of Housing and Urban Affairs (MoHUA). The approval of two new Delhi Metro lines, from Lajpat Nagar to Saket G-Block in the south and from Inderlok to Indraprastha in central Delhi, added to the occasion’s significance.

Modi took the opportunity to criticise the opposition, emphasising his commitment to national welfare over political agendas. He highlighted the neglect faced by street vendors in the past, contrasting it with his government’s efforts to uplift them through initiatives like PM-SVANidhi.

Addressing the audience, Modi shared his own journey from poverty and reiterated his dedication to serving the marginalised. He emphasised the collateral-free nature of the SVANidhi scheme, dubbing it ‘Modi’s Guarantee.’ With over 6.2 million beneficiaries, including a majority of women, the scheme has disbursed ₹11,000 crore in assistance.

Beyond financial inclusion, Modi stressed the scheme’s role in linking vendors to other welfare programs like free ration distribution, medical treatment, and gas connections. He also praised the ‘One Nation One Ration Card’ scheme and the expansion of the Delhi Metro network.

Highlighting urban development initiatives, Modi mentioned the allocation of one crore houses to urban poor across India and the expansion of the Delhi Metro network. He also touched upon the NaMo Bharat Rapid Rail connectivity project and efforts to combat pollution through electric buses.

The PM-SVANidhi scheme, launched during the first wave of Covid-19, offers collateral-free loans up to ₹50,000 to street vendors. Repayments are incentivised with a 7% interest subsidy, and digital transactions earn cashback rewards. Union Minister Hardeep Singh Puri and other dignitaries were present at the event, underscoring the government’s commitment to empowering street vendors and promoting urban development.

Monika Shanmugam