Empowering Street Vendors: Assessing Pm Svanidhi's Impact on Economic Growth in Lucknow

Abstract

The PM SVANidhi Yojana was established to give collateral-free microcredit to street vendors in order to increase their financial inclusion and economic self-sufficiency. This study uses a descriptive research approach using a primary data survey of 100 vendors to investigate the schemes' impact on the income levels, financial access, and business growth of Lucknow street vendors. The findings show a large rise in daily income, greater access to formal credit, and a trend toward digital transactions, which reduces reliance on informal moneylenders. The statistical research, which includes paired t-tests and chi-square tests, verifies the schemes' efficacy in promoting entrepreneurial growth and financial stability. However, issues such as low awareness and digital literacy gaps exist, emphasizing the importance of improved financial literacy programs and streamlined lending processes. Overall, the study suggests that PM SVANidhi has had a transformative impact on empowering street vendors and integrating them into the formal financial system, hence promoting inclusive economic development.