Gandhinagar, June 1 (IANS) A loan received under the PM SVANidhi scheme helped a young street food vendor in Gujarat’s Gandhinagar revive his business, adopt digital payments, and improve his family’s financial condition, as the central government marked six years of the programme aimed at supporting street vendors.
Yograj Mali, a 30-year-old B.Com student who runs a small Cholaphali business in Gandhinagar, is among the beneficiaries of the Prime Minister Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme.
According to information shared on the completion of six years of the initiative, the loan provided under the scheme helped him to restart and strengthen his business at a time when he was facing financial constraints.
Operating with limited income and resources, Mali had been managing his street food business while pursuing his studies.
The financial assistance received through PM SVANidhi provided working capital, allowing him to expand his business activities and generate more stable earnings.
The support, he said, also brought relief to his family, which had been dealing with financial difficulties.
The improvement in business performance helped reduce economic pressures at home and created a more secure source of income.
As part of his efforts to modernise the business, Mali adopted digital payment platforms including GPay and Paytm.
The shift enabled customers to make cashless transactions and to access benefits linked to digital payments, including cashback rewards.
The use of digital payment systems also made record-keeping and transactions more organised and transparent.
In addition to the PM SVANidhi loan, Mali also availed of several other government welfare schemes.
These included the Pradhan Mantri Suraksha Bima Yojana, which provides accident insurance coverage, the Pradhan Mantri Jeevan Jyoti Bima Yojana, a life insurance scheme, and the Shramyogi Maandhan Yojana, a pension scheme for workers in the unorganised sector.
Speaking about the assistance he received, Mali said: “The PM SVANidhi loan had helped revive his business and improved the financial situation of his family. The government’s support had proved valuable during difficult times and had given him confidence to continue growing his enterprise.”
Launched to provide affordable working capital loans to street vendors, the PM SVANidhi scheme completed six years this month, with beneficiaries such as Mali citing improved business prospects and greater financial inclusion through access to formal credit and digital transactions.
–IANS
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