Pradhan Mantri Mudra Yojana has created crores of new employment opportunities in the country

Pradhan Mantri Mudra Yojana (PMMY) was also launched in India on 8 April 2015. The main objective of this scheme was to provide loan from the bank to small businessmen so that these businessmen do not feel shortage of capital to start their business. This scheme has proved to be a revolutionary step towards furthering the business of small traders. The full name of Mudra (MUDRA) was named Micro Units Development Fund Refinance Agency. Under Pradhan Mantri Mudra Yojana, arrangements have been made through banks to provide loans up to Rs 10 lakh to micro, small and medium sector businessmen (MSMEs) on easy terms. Under Pradhan Mantri Mudra Yojana, loans are being made available by making schemes according to three types of sectors (Child, Kishore and Tarun). Loans up to Rs 50,000 to micro businessmen under Shishu Yojana, loans ranging from Rs 50,000 to Rs 5 lakh under Kishore Yojana and loans ranging from Rs 5 lakh to Rs 10 lakh under Tarun Yojana are being made available to businessmen by banks. .

The process of providing loans has been made very easy by various banks. Loans are provided to young entrepreneurs by the banks after completing the loan related process within just one or two weeks. Due to this, young entrepreneurs are getting excited to start their new business. If there is sufficient availability of capital in starting any new business, then it becomes very easy to start that business. Pradhan Mantri Mudra Yojana has played a special role in removing the shortage of capital to the new young entrepreneurs of the country. After disbursement of loan, a Mudra card is made available to the entrepreneurs by the banks. Through this currency card, entrepreneurs can withdraw the loan amount from the bank and from the ATM of the bank as per the requirement of the business. There is no need to visit the bank every time to withdraw the loan amount. For sanctioning loan under Mudra Yojana, the processing fee is not charged by the banks either at all and if some banks do charge the processing fee, then its rate is kept comparatively low under this scheme. The loan amount sanctioned under this scheme can be used as term loan or overdraft service. Overall, the banks have simplified the process of approving the loans provided under Pradhan Mantri Mudra Yojana.

About 40 percent of the total loans provided under the Pradhan Mantri Mudra Yojana are entrepreneurs who have started an enterprise for the first time. Loans have been made available under this scheme even in remote areas of the country. Due to which young entrepreneurs have started their new ventures in rural areas and they have provided employment to many other youths in these remote areas and in this way they have contributed significantly in reducing the migration from rural areas to cities. Is.

Pradhan Mantri Mudra Yojana has also played a major role in empowering women in the country. Out of the total loans provided under this scheme, 70 percent of the loans have been provided to women entrepreneurs. Also, most of the entrepreneurs who take loans under Mudra Yojana are also people from backward society. In this way, Pradhan Mantri Mudra Yojana has proved to be a milestone for women and weaker sections in the country.

This scheme, which was started in the financial year 2015, has got huge success in the country. So far, more than 41.40 crore loans worth Rs 23.07 lakh crore have been sanctioned by various banks under this scheme. Whose information per year is as follows.

financial year	No. of loans sanctioned (in crore)	Loan amount disbursed (in Rs lakh crore)
2015-16	3.48	1.32
2016-17	3.97	1.75
2017-18	4.81	2.46
2018-19	5.98	3.11
2019-20	6.22	3.29
2020-21	5.07	3.11
2021-22	5.37	3.31
2022-23	6.23	4.50
2023-24	0.27	0.22

The huge amount of Rs 23.07 lakh crore sanctioned under Pradhan Mantri Mudra Yojana has led to an incomparable increase in the business of various banks in India. Crores of small businesses have been established from remote rural areas to urban areas. Due to which there has been a decrease in unemployment in the country, the number of citizens living below the poverty line has decreased, there has been a decrease in migration from rural areas to cities and due to the creation of crores of new employment opportunities, the production of goods produced in the country has decreased. A new market has developed for its use. Thus overall, since the implementation of Pradhan Mantri Mudra Yojana, economic development has gained momentum in the country.

– Prahlad Sabnani

retired deputy general manager

state Bank of India