PM Mudra Yojana ensure life of dignity for countless Indians

In a bid to make easy and hassle-free access to credit to micro-enterprises, PM Modi launch Pradhan Mantri MUDRA Yojana (PMMY) on 8 April 2015 which had a great success as more than 40.82 crore loans amounting to ₹23.2 trillion have been sanctioned under Pradhan Mantri MUDRA Yojana (PMMY) since its inception eight years back, the Ministry of Finance said.

This yojna is to facilitate easy collateral-free micro-credit of up to ₹10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities.

Speaking on the occasion, finance minister Nirmala Sitharaman said, “Since the launch of the scheme, as of March 24, 2023, about ₹23.2 lakh crore has been sanctioned in 40.82 crore loan accounts”.

Highlighting indigenous growth through MSMEs, the Finance Minister said, “The growth of MSMEs has contributed massively to the “Make in India” programme as strong domestic MSMEs lead to increased indigenous production both for domestic markets as well as for exports. The PMMY scheme has helped in the generation of large-scale employment opportunities at the grassroots level and also has proved to be a game changer while boosting the Indian economy.”

On the occasion, Union Minister of State (MoS) for Finance Dr Bhagwat Kisanrao Karad said, “The PMMY scheme aims to provide collateral free access to credit in a seamless manner to micro enterprises in the country. It has brought the unserved and under-served sections of the society within the framework of institutional credit. The government policy of promoting MUDRA has led millions of MSME enterprises in the formal economy and has helped them to get out of the clutches of money-lenders offering very high cost funds.”