Prime Minister Narendra Modi’s launch of PM SVANidhi loan and credit card distribution has sparked optimism among street vendors nationwide. From Kerala, the event underscored the scheme’s role in economic revival, as praised by Odisha Urban Development Minister Krishna Chandra Mahapatra.
In an exclusive media interaction, Mahapatra detailed the scheme’s impact: collateral-free loans increased from Rs 10,000 to Rs 15,000, plus credit cards for secure transactions. ‘Vendors are experiencing immense relief, especially women whose lives have been revolutionized,’ he stated.
Take Anusuya Pradhan from Odisha, who once scraped by with Rs 100 capital for tailoring. Post-scheme, her Rs 10,000 loan revived her venture. Consistent repayments led to more credit, a rented shop, and expanded food business. ‘From no money for raw materials to banks chasing me for loans – it’s incredible. My kids are in school, home is better,’ she shared gratefully.
Asim Biswas echoed this, highlighting formal credit’s advantages over risky informal sources. ‘No more uncertainty; guidance is available, helping us invest boldly,’ he said. For low-income vendors, it’s a dependable funding source, cutting out brokers.
Mahapatra stressed the scheme’s broader vision: beyond loans, it’s about respect, independence, and steady income. Women vendors, in particular, are scripting success stories, stabilizing families and communities. As implementation scales, PM SVANidhi stands as a beacon for India’s informal workforce, proving policy can drive real prosperity.