Prime Minister Narendra Modi addressed a jubilant crowd in Mumbai today, underscoring the significant strides made by the PM SVANidhi scheme in empowering street vendors and pavement dwellers across Maharashtra. The occasion marked a poignant moment in the government’s efforts to ensure inclusive development and economic resilience among India’s informal sector workers.
In his impassioned speech, PM Modi revealed that the PM SVANidhi scheme has sanctioned a total of 9 million loans nationwide, providing crucial financial support to street vendors grappling with economic uncertainties exacerbated by the COVID-19 pandemic. Maharashtra has emerged as a leading beneficiary state, with approximately 1.3 million loans disbursed, illustrating the scheme’s profound impact in revitalizing local economies.
Mumbai, the bustling financial capital of India, has seen 150,000 street vendors benefitting from the PM SVANidhi scheme, which aims to provide affordable working capital loans and nurture entrepreneurial ventures. PM Modi credited the success of the scheme to the collaborative efforts of financial institutions and the unwavering spirit of Mumbai’s street vendors to rebuild their livelihoods amidst adversity.
The Prime Minister emphasized that initiatives like PM SVANidhi not only offer financial assistance but also empower individuals to become self-reliant and contribute meaningfully to the country’s economic growth. By enabling street vendors to expand their businesses and improve their incomes, the scheme has become a catalyst for socio-economic transformation at the grassroots level.
PM Modi’s address resonated deeply with the diverse audience, highlighting the government’s commitment to creating an enabling environment where every citizen, regardless of their background, can thrive and prosper. The event in Mumbai symbolized a testament to the resilience and determination of India’s informal sector, bolstered by supportive government policies and proactive measures.
As India continues on its path to recovery and growth, PM Modi reiterated the government’s pledge to further expand the reach of initiatives like PM SVANidhi, ensuring that marginalized communities have access to opportunities for advancement and prosperity.
