Prime Minister Narendra Modi delivered a powerful speech at a public gathering in Mumbai today, highlighting the significant achievements of the PM SVANidhi scheme in empowering street vendors and pavement dwellers across Maharashtra. The event underscored the government’s commitment to fostering inclusive growth and supporting the informal sector in India’s financial capital.
PM Modi began by acknowledging the resilience and entrepreneurial spirit of Mumbai’s street vendors, emphasizing their vital role in the city’s economy. He revealed that nationwide, the PM SVANidhi scheme has sanctioned an impressive 9 million loans, providing essential financial assistance to street vendors adversely affected by the COVID-19 pandemic.
Maharashtra has been a key beneficiary of the scheme, with approximately 1.3 million loans disbursed to support local vendors in rebuilding their businesses and livelihoods. In Mumbai alone, 150,000 street vendors have availed themselves of the scheme’s benefits, illustrating its transformative impact on the ground.
The Prime Minister praised the collaborative efforts of financial institutions and local authorities in facilitating access to credit and promoting sustainable livelihoods. He highlighted the scheme’s dual impact of economic recovery and social empowerment, noting how it has not only stabilized incomes but also restored dignity to street vendors who form an integral part of Mumbai’s vibrant street life.
PM Modi’s address resonated deeply with the audience, reflecting the government’s steadfast commitment to empowering marginalized communities and creating opportunities for all citizens to thrive. He reiterated that initiatives like PM SVANidhi exemplify India’s resolve to build a more resilient and inclusive economy, where no individual is left behind.
As India continues its journey towards post-pandemic recovery, PM Modi assured the gathering of ongoing efforts to expand and strengthen schemes like PM SVANidhi, ensuring sustained support for vulnerable communities across the nation.
The event in Mumbai served as a powerful reminder of the transformative impact of proactive governance and collaborative efforts in driving socio-economic development at the grassroots level. PM Modi concluded his speech with a call to further accelerate efforts towards achieving a more prosperous and equitable society for all.
