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POLICY REVIEW

PMSVANIDHI : A MODEL FOR EQUITY

AND GROWTH

PROF. K K PANDEY The PMSVANidhi is a first of its speed (disbursement to 94%
kind and game changer initiative sanctions and access to welfare
of Government of India (GoI) on schemes to 93% USVs) and
equity and growth which also protection of livelihood (collateral
equates with the theme of Habitat free loan/ concessions and
Day-2022: ‘Mind the Gap, Leave incentives). The success of the
No One & No Place Behind’. scheme is attributed to the team
Initiated by Ministry of Housing spirit in the intergovernmental
and urban Affairs (MoHUA) system, bankers and USVs.
during peak of COVID (June 01, PMSVANidhi initiated with
2020) to protect the livelihood a social cause also reaffirmed
of five million Urban Street economic potential of urban poor
Vendors (USVs), the scheme in city economy. The mounting
“PMSVANidhi provides on its merit got extended from digital transactions add
a model to support street March, 2022 to December, 2024. considerable amount of liquidity
vendors to achieve equity The scheme, since inception, has (Rs.0.353 trillion: 13 September,
and growth in the larger facilitated in many ways: (i) the 2022) in the formal market
context to tap potential of financial inclusion of USVs; (ii) supporting V-shape recovery of
Indian economy. The scheme also
ease to credit and market; (iii)
urbanization (caused by prompt access to eight welfare augments Indian achievements
structural transition) and schemes of GoI on insurance, on UNSDGs (United Nations
nation building.” health and social security; (iv) Sustainable Development Goals).

digitalization in transactions Accordingly, PMSVANidhi
with 12.70 percent share in the demonstrates a model on urban
average monthly Mobile Wallet equity and growth, needs
Transactions (MWT); (v) wider publicity and deserves
regular supply of essential goods nomination for international
and services; and (vi) a model to awards (Dubai International
mainstream micro-enterprises in Award of Best Practices etc.) and
India. HABITAT Scroll of Honour for
2023.
This paper elaborates the
Key Words: PMSVANidhi, equity, structure and performance of INTRODUCTION
growth PMSVANidhi and discovers
Prof. K K Pandey (kkpandey9236@ its unique character on scale PM Street Vendor’s
AtmaNirbhar
Nidhi
gmail.com), is Coordinator, Centre for (outreach to 85 % or 4.208 million (PMSVANidhi) –the flexible,
Urban Studies, Indian Institute of USVs including 40 % women inclusive and path breaking
Public Administration, New Delhi and 96% city governments),

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