40.81 crore loans worth Rs 23.2 lakh crore sanctioned in Mudra scheme in eight years

New Delhi (Best Hindu News): Finance Minister Nirmala Sitharaman today said that more than 40.82 crore loans worth Rs 23.2 lakh crore have been sanctioned since the launch of the Pradhan Mantri Mudra Yojana (PMMY) and it has generated a large number of jobs at the grassroots level. It has helped in creating and has proved to be a game changer as well as a boost to the Indian economy. Launched under the visionary leadership of Prime Minister Narendra Modi, the Finance Minister said here on the occasion of the completion of eight years of this scheme, easy and hassle-free access to credit for micro enterprises has been made possible and this has helped a large number of young entrepreneurs. Has helped in starting his business.

Pradhan Mantri Mudra Yojana (PMMY) was launched by the Prime Minister on 8 April 2015 with the objective of providing easy access to collateral-free micro loans up to Rs.10 lakh to non-corporate, non-agriculture small and micro entrepreneurs for income generating activities it was done. Loans under ‘PMMY’ are actually provided by Member Lending Institutions (MLIs) namely Banks, Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) and other financial intermediaries.

Referring to PMMY figures, Smt. Sitharaman said that since the launch of the scheme till March 24, 2023, about Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts. About 68 percent of the accounts under the scheme are of women entrepreneurs and 51 percent of the accounts are of SC/ST and OBC categories of entrepreneurs. This shows that easy availability of credit to the budding entrepreneurs of the country has resulted in sustainable growth in innovation and per capita income.

On Growth through MSMEs, the Finance Minister said that the growth of MSMEs has contributed immensely to the ‘Make in India’ program as strong domestic MSMEs have led to a substantial increase in domestic production for domestic markets as well as for exports . The PMMY scheme has helped in creating a huge number of employment opportunities at the grassroots level and has proved to be a game changer as well as a boost to the Indian economy.