Karnal, June 1: The PM Svanidhi scheme, launched in June 2020, has emerged as a transformative initiative for street vendors, completing six years of empowering them through access to affordable loans and social security.
Mandeep Taneja, a beneficiary from Karnal, Haryana, describes the scheme as a lifeline during challenging times. Operating a pizza stall in Nehru Place Market, Mandeep starts his day preparing fresh ingredients to provide affordable pizzas to his customers, which serves as the primary source of livelihood for his family.
However, managing the business was not easy due to limited income and uncertain sales, posing a constant challenge in balancing family expenses and business needs. It was during this tough period that the PM Svanidhi scheme offered a ray of hope.
After seeing an advertisement in the newspaper, Mandeep learned that street vendors could avail loans up to ₹10,000 without any guarantee. He promptly applied and received his first loan under the scheme.
With the initial loan amount, Mandeep purchased new equipment for his pizza stall, simplifying the food preparation process and enhancing customer service. Gradually, his business began to improve, attracting more customers.
After repaying the first loan on time, he became eligible for a second installment. This additional support not only helped him sustain his business but also fulfilled his family’s needs, providing them with financial stability.
Following continuous improvement in his business, Mandeep qualified for a third loan installment, which he used to enhance the decor and exterior of his pizza stall. The attractive setup caught the attention of customers, further boosting his sales.
Mandeep Taneja emphasizes that the PM Svanidhi scheme has been more than just financial assistance; it has provided him with a new opportunity. The scheme has empowered him to strengthen his business, improve his family’s financial situation, and instill a renewed confidence for the future. Today, he is more enthusiastic and optimistic than ever about advancing his business.
In an interview with a news agency, Mandeep shared that he availed the loan under the PM Svanidhi scheme initiated during the COVID-19 pandemic, benefiting from the municipal corporation’s scheme. He received loans of ₹10,000 initially, followed by ₹20,000 and finally ₹50,000.
For street vendors during the pandemic, this scheme has been a crucial support. Mandeep stated that the first loan of ₹10,000 helped restart his stalled operations, while the subsequent ₹20,000 loan elevated his business further. Previously unable to purchase modern equipment due to financial constraints, the loans have made work much easier.
He expressed that without the benefits of this scheme, restarting their livelihood would have been impossible. The scheme has not only provided financial support but also a means to live. It has made poor families self-reliant. Appreciating the Modi government’s 12-year program, Taneja wished for the Prime Minister’s long life.