Prime Minister Narendra Modi has said that the Pradhan Mantri Mudra Yojana has proven to be highly beneficial in promoting self-employment among the youth. The scheme, which was launched in 2015, has completed 11 years today.
In a social media post, Mr Modi stated that the success of the scheme has shown that when individuals are provided with the right opportunities, they can become self-reliant and also contribute significantly to the nation’s progress.
He said that PM Mudra Yojana has redefined access to credit by empowering millions with the confidence to dream and the means to fulfil it.
Prime Minister said that by removing barriers and trusting the aspirations of the people, it has strengthened the spirit of enterprise across the country.
On the occasion, Union Finance Minister Nirmala Sitharaman said that the scheme has been instrumental in reshaping the credit landscape for MSMEs and countless individual entrepreneurs in the country.
She highlighted that in the last decade, India witnessed a silent transformation where crores of ordinary citizens stepped into entrepreneurship with newfound confidence and agency.
Mrs Sitharaman added that with this initiative, entrepreneurship has become truly democratised by removing the entry barriers to credit.
The Minister said, PM MUDRA Yojana will continue to empower entrepreneurs to become active participants in the nation’s journey to become Viksit Bharat by 2047.
Around 58 crore loans worth more than 40 lakh crore rupees have been sanctioned under Pradhan Mantri Mudra Yojana till date. Two-thirds of the loans have been sanctioned to women entrepreneurs. Approximately one-fifth of all the loans were extended to first-time entrepreneurs.
This initiative has been designed to bridge the gap in financial accessibility, offering streamlined, easy, collateral-free loans up to 20 lakh rupees to support small-scale business ventures.
MUDRA loans are being offered in four categories, namely, Shishu, Kishor, Tarun and TarunPlus, which signify the stage of growth or development and funding needs of the borrowers.
