SRINAGAR: The Housing and Urban Development Department (HUDD), Jammu and Kashmir, has said that the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) scheme has emerged as a major livelihood support programme, extending collateral-free working capital loans worth ₹51.74 crore to 29,454 street vendors across the Union Territory since its launch in June 2020.
According to the department’s latest edition of its monthly newsletter Urban Insights, 35,839 loan applications have been received under the scheme, of which 30,453 applications were sanctioned amounting to ₹54.30 crore. The report states that 19,325 beneficiaries have successfully repaid their loans, reflecting a high level of financial discipline among vendors.
The newsletter notes that the scheme is being implemented across all 78 Urban Local Bodies in Jammu and Kashmir, providing street vendors with collateral-free loans, a 7 per cent interest subsidy on timely repayment, cashback incentives on digital transactions and eligibility for higher loan amounts after successful repayment of earlier loans.
Highlighting the push for digital financial inclusion, the department said 11,585 street vendors have become digitally active and have collectively earned ₹0.62 crore as cashback incentives through digital transactions. It added that 23,862 Letters of Recommendation (LoR) have been approved to facilitate easier access to institutional credit.
The newsletter further states that under the SVANidhi se Samriddhi initiative, 11,348 street vendors and 28,061 family members have been socio-economically profiled to connect them with government welfare schemes. The exercise identified eligibility for over 47,000 scheme benefits, while 1,259 benefits have already been approved by the respective departments.
As part of efforts to improve awareness, HUDD has organised 1,395 awareness camps and seven district-level Mahotsavs to encourage vendors and their families to avail the benefits of the scheme.
The newsletter also highlights plans to modernise the street vending ecosystem through the development of Street Food Hubs. Of the six locations identified, proposals for Tangmarg-Gulmarg in Baramulla and Jagti-Nagrota in Jammu have received approval from the Ministry of Housing and Urban Affairs, subject to design refinements. The projects aim to create organised vending spaces, promote local cuisine, strengthen livelihoods and enhance tourism infrastructure in the Union Territory.
According to the department, the PM SVANidhi scheme continues to promote financial inclusion, digital adoption and sustainable urban livelihoods by integrating street vendors into the formal banking system while supporting inclusive urban development across Jammu and Kashmir.
