Prime Minister Narendra Modi virtually inaugurated the distribution of PM SVANidhi loans and credit cards from Kerala, cascading benefits to Shahdol, Madhya Pradesh. On Friday, the municipal council hall buzzed with excitement as dozens of street vendors received their dues under this flagship urban livelihood program.
Among the success stories was Divya Dwivedi, who turned a simple loan into a thriving sewing venture. ‘Municipal officials guided me through the application, and now my business is flourishing thanks to PM Modi’s vision,’ she enthused.
Gagan Burman echoed similar sentiments. Introduced to the scheme by Bank of India staff, his Rs 10,000 starter loan breathed new life into his provisions store. Follow-up loans propelled his growth. ‘I’m deeply thankful for this opportunity,’ he said.
Local MLA Manisha Singh from Jaysinghnagar lauded the initiative. ‘PM SVANidhi is revolutionizing lives of petty traders by providing financial muscle. Credit cards will unlock further doors,’ she observed during the function.
Chairman Ghanshyam Jaiswal detailed the revisions: first loan hiked to Rs 15,000, second to Rs 25,000, and third up to Rs 50,000. ‘These changes are a boon, fortifying our vendors against economic challenges,’ Jaiswal stated, appreciating New Delhi’s proactive steps.
This rollout aligns with national efforts to revive 40 lakh street vendors impacted by COVID-19. By integrating UPI-enabled credit cards, the scheme facilitates collateral-free loans at low interest, rewards timely repayments with cashbacks, and links to social security benefits, heralding a new era of inclusion for urban informal economies.