The Pradhan Mantri Street Vendors Atmanirbhar nidhi Yojana (PM SVANidhi) has been extended till 2030, giving a major boost to small shopkeepers, hawkers, and street vendors across India. Initially launched in 2020 to help those whose livelihoods were disrupted during the COVID-19 pandemic, this scheme now comes with bigger benefits, including higher loan limits, cashback offers, and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital payment incentives.
What is PM SVANidhi Yojana?
- Launched in June 2020 to provide collateral-free loans to street vendors.
- Aimed at making vendors self-reliant and supporting small businesses affected by economic slowdowns.
- Previously, the scheme was valid till 31 december 2024 but is now extended to 2030, allowing more people to benefit.
Key Changes in the Scheme
The government has restructured the scheme to make it more attractive and impactful:
Increased Loan Amounts
First Loan: ₹15,000
Second Loan: ₹25,000
Third Loan: ₹50,000
Digital Incentives
Beneficiaries taking a second loan will get a UPI-linked RuPay credit card for quick transactions.
Cashback of up to ₹1,600 per month on QR code-based payments to promote wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital transactions.
Enhanced Budget
The government has increased the scheme’s budget to ₹7,332 crore.
This expansion aims to cover 50 lakh new vendors, raising the total beneficiaries to 1.15 crore.
Other Benefits
- Training in Entrepreneurship & wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital Skills: Vendors will receive guidance on running businesses efficiently and using online payment methods.
- Food Safety & Cleanliness Standards: Partnership with FSSAI ensures awareness about hygiene and safety for food vendors.
Who Can Benefit?
- Street vendors
- Handcart owners
- Footpath shopkeepers
- Hawkers selling food items or goods
Why This Matters
This initiative not only provides easy financial access but also integrates vendors into India’s wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital economy. With extended tenure and increased benefits, PM SVANidhi Yojana promises to improve the livelihood of millions of street vendors, making them more financially secure and future-ready.
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