Srinagar, June 4 -- Urbanization in India is advancing rapidly. It is estimated that by 2050, nearly 50% of the country's population will reside in urban areas. At present, approximately 66% of the urban workforce is engaged in the informal sector, which forms a vital pillar of the urban economy. Among those working in this sector, street vendors play a particularly significant role. Millions of vendors selling fruits, vegetables, tea, snacks, clothing, and other daily-use items not only make life easier for citizens but also contribute substantially to the urban economy.

Despite their importance, street vendors historically had limited access to formal banking and credit facilities. In the absence of a credit history, they often relied ...