New Delhi, Aug. 27 -- The Union Cabinet has approved a five-year extension and restructuring of the Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme, extending the lending period until March 31, 2030.

The decision, announced by the Cabinet chaired by Prime Minister Narendra Modi on Tuesday, allocates Rs 7,332 crore for the expanded program targeting 1.15 crore beneficiaries, including 50 lakh new participants.

The restructured scheme introduces several enhancements to support India's street vendor community.

First and second tranche loan amounts have been increased, with initial loans rising from Rs 10,000 to Rs 15,000 and second loans from Rs 20,000 to Rs 25,000. Third tranche loans remain capped at Rs 50,000.

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