₹ 23 lakh crore loans disbursed in 8 years under Mudra Yojana, marginalised entrepreneurs, empowering women
April 9, 2023: Mudra Yojana was launched eight years ago and banks and financial institutions have disbursed Rs 23.2 lakh crore to over 40.82 crore beneficiaries under the scheme.
Under this scheme, about 68 percent of accounts are of women entrepreneurs and 51 percent of accounts are of entrepreneurs belonging to SC/ST and OBC categories.
8 years of Mudra Yojana:
Mudra Yojana was launched eight years ago and so far banks and financial institutions have sanctioned loans worth Rs 23.2 lakh crore to over 40.82 crore people under the scheme.
Pradhan Mantri Mudra Yojana (PMMY) On 8 April 2015, Prime Minister Narendra Modi announced a Rs. Provides easy credit up to 10 lakhs. What did the finance minister say on the 8th anniversary? S
peaking on the occasion of the 8th anniversary of Mudra Yojana, Finance Minister Nirmala Sitharaman said that since the inception of the scheme till March 24, 2023, around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts.
Under this scheme, about 68 percent of the accounts are of women entrepreneurs and 51 percent of the accounts are of SC/ST and OBC category entrepreneurs.
He said this shows that easy availability of credit to budding entrepreneurs in the country has led to increased innovation and per capita income.
‘Mudra Scheme Changer’ Highlighting the indigenous development through MSMEs, the Finance Minister said that the development of MSMEs has added to the ‘Make in India’ program in a big way.
Because a strong domestic MSME increases domestic production for domestic markets as well as exports.
The PMMY scheme has helped create huge employment opportunities at the grassroots level, and has proved to be a game changer in boosting the Indian economy.
About Pradhan Mantri Mudra Yojana (PMMY)
The Mudra scheme, launched by the Government of India in 2015, aims to provide financial assistance to micro and small business enterprises in the country. Mudra stands for Micro Units Development and Refinance Agency.
The scheme operates through three categories – Shishu, Kishor, and Tarun – to cater to the varying needs of entrepreneurs at different stages of their businesses.
The Shishu category provides loans up to Rs. 50,000 for small start-ups, the Kishor category offers loans from Rs. 50,000 to Rs. 5 lakh for businesses that are established but still in need of financial support, and the Tarun category provides loans between Rs. 5 lakh to Rs. 10 lakh for established businesses that require expansion.
The Mudra scheme is implemented through various financial institutions, including banks, non-banking financial companies (NBFCs), and microfinance institutions (MFIs).
These institutions disburse loans to eligible entrepreneurs, with no collateral requirement for loans up to Rs. 10 lakh.
The scheme has been instrumental in providing financial support to millions of micro and small business owners across the country, especially those in rural areas.
The Mudra scheme has also contributed significantly to the growth of the Indian economy by promoting entrepreneurship and generating employment opportunities.
| Are you an
Entrepreneur or Startup? Do you have a Success Story to Share? SugerMint would like to share your success story. We cover entrepreneur Stories, Startup News, Women entrepreneur stories, and Startup stories
|
Read more Business Stories at SugerMint. Follow us on Twitter, Instagram, Facebook, LinkedIn for for latest business news and SME updates.