Prime Minister Narendra Modi delivered a stirring address in Mumbai today, highlighting the transformative impact of the PM SVANidhi scheme on the lives of street vendors and pavement dwellers across Maharashtra. Addressing a fervent crowd, PM Modi reaffirmed the government’s commitment to ensuring dignity and economic empowerment for all citizens, especially those engaged in informal sectors.
The PM SVANidhi scheme, designed to provide affordable working capital loans to street vendors adversely affected by the COVID-19 pandemic, has achieved remarkable milestones since its inception. PM Modi proudly announced that nationwide, 9 million loans have been sanctioned under the scheme, benefiting a substantial portion of India’s vulnerable communities.
Maharashtra, a key beneficiary state, has seen approximately 1.3 million loans disbursed under PM SVANidhi, reflecting the scheme’s successful implementation and widespread acceptance among local vendors. In Mumbai alone, 150,000 street vendors have availed themselves of the scheme’s financial assistance, revitalizing their businesses and securing their livelihoods amidst challenging times.
The Prime Minister commended the proactive role of financial institutions in facilitating access to credit and supporting the entrepreneurial spirit of street vendors. He emphasized that these initiatives not only provide economic stability but also foster a sense of self-reliance and resilience within the community.
PM Modi’s speech resonated deeply with the audience, drawing attention to the tangible benefits of government initiatives aimed at inclusive growth and sustainable development. The PM SVANidhi scheme exemplifies the government’s commitment to fostering an environment where every citizen can contribute meaningfully to the nation’s progress.
As India continues its journey towards economic recovery and resilience post-pandemic, PM Modi assured the gathering of ongoing efforts to expand and strengthen schemes like PM SVANidhi, ensuring that no one is left behind in the path to prosperity.
The event in Mumbai served as a testament to the government’s dedication to creating a more equitable society, where opportunities for growth and advancement are accessible to all, irrespective of their background or circumstances.
