1.
Geeta Sachdeva
– Assistant Professor, Humanities and Social Sciences Department, National Institute of Technology, Kurukshetra, Haryana, India.
2.
Mahabir Narwal
– Professor, Department of Commerce, Kurukshetra University, Kurukshetra, Haryana, India.
3.
Poonam Verma
– Research Assistant, Humanities and Social Sciences Department, National Institute of Technology, Kurukshetra, Haryana, India.
Abstract
This research aims to create and testing a multidimensional psychometric scale to assess the policy effects of the PM SVANidhi scheme on street vendors in cities. The research employed a multi-phase, structured approach, adhering to the standard scale development processes (including item generation, EFA, and CFA). Initially, literature and expert interviews were used to develop 74 items. EFA, which was based on PCA with Varimax Rotation created five-factor structure that included “Income Stability”, “Business Revitalisation”, “Financial Inclusion”, “Digital Financial Transactions”, and “Operational Efficiency”. CFA attested the strength of the model, high internal consistency, and discriminant validity. All of the constructs proved to be theoretically pertinent and empirically robust in terms of the importance of credit access, digital adoption, and operational progress to measure the effectiveness of the scheme. This
validated instrument can be a valuable and theoretically based tool to analyse the multi-dimensional outcomes of PM SVANidhi, which are useful to policymakers, financial institutions, and scholars. At the social level, the scale emphasises on digital and “Financial Inclusion” to empower the underprivileged urban communities.
Keywords Scale Validation, Exploratory Factor Analysis, Confirmatory Factor Analysis, PMSVANidhi
