PM SVANidhi loans turn street stalls into shops

Ghaziabad/Varanasi, June 1 (IANS) The Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has emerged as a major tool of economic empowerment for small traders and street vendors. As the scheme completes six years, thousands of beneficiaries have not only expanded their businesses but have also paved the way toward financial self-reliance. Babita from Ghaziabad and Vishnu Shankar Bhardwaj from Sarnath in Varanasi are among the many success stories of the scheme. With the help of loans and government support received under PM SVANidhi,

both have strengthened their businesses and improved their livelihoods. Speaking to IANS, Babita said that earlier she used to run her business from a roadside stall because she did not have proper space. During the COVID-19 pandemic, she faced severe financial hardships. While she was having a tough time, a relative informed her about the PM SVANidhi scheme. Soon after getting information, she applied for assistance. She invested the loan amount received under the scheme into her business, which gradually began to grow. After repaying

the first loan instalment on time, she became eligible for the next instalment, which she used to further expand her business. In total, she received loans of up to Rs 50,000, enabling her to establish a permanent shop. Babita explained that operating from a roadside stall earlier exposed her to several difficulties, whereas owning a permanent shop has made her business more organised and secure. Selling incense sticks, earthen lamps, flowers, coconuts, and other religious items, Babita said the PM SVANidhi scheme brought a significant

change to her life. While obtaining loans from financial institutions had once been extremely difficult, the scheme provided her with easy access to credit. Today, she earns between Rs 2,000 and Rs 3,000 per day, which has substantially improved her family’s financial condition. Praising the Central Government’s 12 years in office, Babita said she had benefited from several welfare schemes. The woman beneficiary also spoke about insurance coverage in this context. The other benefits include the Prime Minister’s Housing Scheme and ration card benefits, which

have significantly improved her standard of living, she said. According to her, government welfare programmes are reaching ordinary citizens directly and effectively. Responding to opposition criticism regarding inflation, corruption, and poverty, Babita said that while prices have increased, people’s incomes have also risen. She added that development and employment opportunities have expanded, benefiting common citizens. Similarly, Vishnu Shankar Bhardwaj, a resident of Sarnath and another beneficiary of the scheme, described PM SVANidhi as highly beneficial for small traders. He said that obtaining bank loans had

previously been a difficult process for small business owners, but the scheme has made credit easily accessible, giving their enterprises a new direction. According to Bhardwaj, the scheme has not only strengthened beneficiaries financially but has also enhanced their self-confidence and social standing. Bhardwaj, who sells stone idols, garlands, and gift items, also praised other welfare initiatives, including the Prime Minister’s Housing Scheme. He noted that government benefits are now being transferred directly into beneficiaries’ bank accounts, increasing transparency and virtually eliminating the role of

middlemen. Expressing gratitude to Prime Minister Narendra Modi, Bhardwaj said the PM SVANidhi scheme has brought about a positive change in the lives of millions of small traders and street vendors across the country. He added that the scheme has played an important role in connecting them with the vision of an Atmanirbhar Bharat (Self-Reliant India).

PM SVANidhi, street vendors, Atmanirbhar Nidhi, Ghaziabad, Varanasi, Babita, Vishnu Shankar Bhardwaj, street stall, permanent shop, bank loans, direct transfers, Atmanirbhar Bharat