PM SVANidhi Scheme Extended - PIB - 09/12/22

Context:
The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme has been extended beyond March, 2022.
Relevance:
GS2, GS3
About:
Provisions for the Extended Scheme:-
Extension of lending period till December 2024. Introduction of 3rd loan of up to ₹50,000 in addition to 1st & 2nd loans of ₹10,000 and ₹20,000 respectively. Extension of ‘SVANidhi Se Samriddhi’ component for all beneficiaries of PM SVANidhi scheme across the country.
‘SVANidhi Se Samriddhi’ was launched in January 2021 to map the socio-economic profile of the PM SVANidhi beneficiaries and their families.

PM SVANidhi Scheme:
The scheme was announced as a part of the Economic Stimulus-II under the Atmanirbhar Bharat Abhiyan. It has been implemented since 1st June 2020, for providing affordable working capital loans to street vendors to resume their livelihoods that have been adversely affected due to Covid-19 lockdowns.

Funding: It is a Central Sector Scheme i.e., fully funded by Ministry of Housing and Urban Affairs with the following objectives: To facilitate working capital loan; To incentivize regular repayment; To reward digital transactions.

Significance: The scheme will open up new opportunities for street vendors to move up the economic ladder.

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