Government Schemes & Programs Current Affairs - 2026-05-06

Background: PM-SVANidhi provided collateral-free working capital loans to street vendors, aiding their post-pandemic economic recovery and formalization. Current Context: In May 2026, the Ministry of Housing and Urban Affairs significantly expanded PM-SVANidhi. It now covers small artisans and home-based micro-entrepreneurs in peri-urban areas, plus a new tier of higher loans for vendors with good repayment records. Impact: This boosts financial inclusion for millions, fostering entrepreneurship and reducing informal credit reliance. It enhances urban economic resilience and accelerates unorganized sector formalization.

Background: India's large youth population needs robust skill development for employability and economic growth. Existing initiatives cover various sectors. Current Context: In May 2026, the Ministry of Skill Development and Entrepreneurship launched 'Yuva Kaushal Vikas Yojana' (YKVY). This flagship program upskills youth in future-ready technologies like AI, data science, and renewable energy, emphasizing industry partnerships and apprenticeships. Impact: YKVY will bridge skill gaps, making Indian youth globally competitive. It fosters innovation, reduces graduate unemployment, and supports India's goal of becoming a global technology hub.