PM SVANidihi scheme to be revamped, gig workers to get UPI-linked credit card with a Rs 30,000 limit
The Union Budget 2025 was presented by Finance Minister Nirmala Sitharaman on February 1. She announced that the Indian government will provide ID cards to gig workers. All gig workers of online platforms are to be provided with identity cards and registration on the e-Shram portal, and healthcare under PM Jan Arogya Yojana. This initiative is likely to help nearly 1 crore gig workers across the country.
Also Read: Outlook Money's Budget 2025 Coverage
The Prime Minster Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme was launched in 2020 with the aim of empowering street vendors with affordable working capital. The loans provided are collateral-free loans up to Rs 50,000, with a repayment window of over a year, and can be repaid in monthly installments.
In the Union Budget of 2025, the PM SWANidhi scheme is to be revamped with enhanced loan limits, along with UPI-linked credit cards with a limit of Rs 30,000 and capacity building support is to be ensured.
The gig workers and platform workers have been defined for the first time in the Code on Social Security 2020, which was enacted by the parliament. Social Security and welfare-related provisions for the gig and platform workers on matters related to life and disability cover, accident insurance, health and maternity benefits etc.
During her speech, FM Sitharaman said, "...gig workers of online platforms provide great dynamism to the 'New Age' services economy. Recognising their contribution, our government will arrange for their identity cards and registration on the e-Shram portal". The gig worker will also receive significant healthcare benefits under the Pradhan Mantri Jan Arogya Yojana.
This year's budget outlines key fiscal priorities, including economic growth, job creation, and social welfare. It introduces tax reforms, infrastructure investments, and measures to boost businesses while setting a new fiscal deficit target. With a focus on the middle class, tax structure, agriculture, healthcare, and education, the budget aims to drive long-term development.