During his address at the India Today Conclave 2024, Prime Minister Narendra Modi delivered accolades to the street vendors of India, hailing them as the vanguards of the nation's digital transformation.
Commending their swift embrace of the Digital India initiative, PM Modi expressed admiration for their adeptness in adopting digital technologies. He characterized their transition as a remarkable feat, highlighting the stark contrast from being marginalized and labeled as illiterate to emerging as emblematic figures driving India's digital evolution.
PM Modi shed light on two pivotal government initiatives, namely the Mudra and PM Swanidhi schemes, attributing them to the profound socio-economic changes witnessed in rural and semi-urban regions.
Reflecting on the Mudra Yojana's impact, PM Modi underscored its role in extending financial assistance to aspiring entrepreneurs without the need for collateral. This inclusive approach has facilitated loans totaling Rs 26 lakh crore to small industries, benefiting approximately eight crore individuals who embarked on entrepreneurial endeavors for the first time.
Moreover, PM Modi emphasized the groundbreaking nature of the PM Swanidhi scheme, which facilitated accessible and low-interest loans to street vendors, a segment traditionally underserved by formal banking channels. Notably, these loans were extended without the requirement of collateral, marking a significant departure from conventional lending practices.
PM Modi attributed his motivation behind launching the scheme to his personal experiences, wherein he witnessed firsthand both the prosperity of the underprivileged and the adversity faced by the affluent. Drawing from these insights, he resolved to empower street vendors by providing them with financial support, transcending the barriers imposed by the lack of collateral.
Recalling his interaction with street vendors at a recent event in Delhi, PM Modi reiterated the pivotal role played by these individuals, particularly amidst the challenges posed by the COVID-19 pandemic. Inspired by their resilience and dedication, PM Modi pledged to take proactive measures to uplift their socio-economic status, thereby reaffirming his commitment to inclusive growth and equitable opportunities for all segments of society.
