BHUBANESWAR: In a major push for urban livelihoods, Prime Minister Narendra Modi launched the nationwide distribution of loans and credit cards under the PM SVANidhi scheme from Thiruvananthapuram, Kerala. Odisha’s Urban Development Minister Krishna Chandra Mahapatra hailed the initiative as a game-changer for street vendors, providing them crucial financial support to rebuild and expand their businesses.
Speaking to the media, Mahapatra highlighted how the scheme is empowering vendors across India by offering collateral-free loans and credit cards. ‘This is more than finance; it’s a step towards dignity and self-reliance,’ he emphasized. Initially offering Rs 10,000 loans, the scheme has now been enhanced to Rs 15,000 without any security, coupled with credit cards that ensure safety, easy access, and financial security.
The minister shared inspiring stories of transformation, particularly among women vendors. Many who started with meager capital of Rs 100 are now running stable enterprises, sending their children to school, and improving family finances. ‘We’ve seen real change at the grassroots level,’ Mahapatra said.
Odisha vendor Anusuya Pradhan recounted her journey from struggle to success. ‘I used to do tailoring but couldn’t afford basic materials. Banks turned me away,’ she recalled. The scheme’s first Rs 10,000 loan helped restart her business. Timely repayments unlocked higher credit, allowing her to rent a shop and diversify into food items. ‘Now banks approach us, and municipal officials assist. This has given us confidence and respect,’ she added, thanking the PM for fostering self-reliance.
Another vendor, Asim Biswas, noted the shift from informal credit to formal support. ‘Uncertainty plagued us before, but now processes are streamlined with proper guidance,’ he said. The scheme reduces reliance on middlemen, providing reliable capital for hardworking vendors from poor and middle-income backgrounds.
Mahapatra described PM SVANidhi not just as a financial program but a pathway to sustainable livelihoods and empowerment for thousands in Odisha and beyond. As vendors like Pradhan and Biswas thrive, the scheme exemplifies how targeted government intervention can uplift the informal economy.