New Delhi: As India marks the 10th anniversary of the Pradhan Mantri Mudra Yojana (PMMY), Prime Minister Narendra Modi has praised the initiative for providing countless opportunities to entrepreneurs across the nation. The PM’s celebration of this milestone highlighted the scheme’s life-changing impact on numerous Indians, particularly those from marginalized communities. By offering collateral-free loans, the PMMY has empowered individuals to launch and grow their own businesses, fostering economic independence and social inclusion.
In a gesture of appreciation, PM Modi met with Mudra beneficiaries from across India at his residence. This interaction was an opportunity for him to hear personal stories of transformation, as beneficiaries shared how the scheme had helped them transition into successful entrepreneurs. For instance, an entrepreneur from Kerala, who had earlier worked in the UAE, spoke about how the MUDRA Yojana enabled him to become a successful businessman in India, creating jobs in his hometown.
Another compelling example is Luv Kush Mehra from Bhopal, who utilized a MUDRA loan to start his own business. His venture began with a modest turnover of Rs 12 lakhs but has now grown to over Rs 50 lakhs. These success stories underscore the power of the PMMY in transforming lives and boosting economic opportunities.
PM Modi emphasized that over Rs 33 lakh crore has been disbursed to the common people without any guarantee under the scheme. This staggering figure underscores the government’s commitment to supporting small businesses and entrepreneurs, who often lack access to traditional financial channels. The PMMY, launched on April 8, 2015, aims to provide collateral-free institutional credit up to Rs 20 lakh, with recent expansions to further enhance accessibility for micro-enterprises.
Since its inception, the PMMY has sanctioned over 52.37 crore loans amounting to Rs 33.65 lakh crore, with about 20% going to new entrepreneurs. This initiative not only supports financial inclusion but also promotes social inclusion and economic freedom, particularly among women and SC, ST, and OBC communities.
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