Union Home Minister Amit Shah announced on Tuesday that the Narendra Modi government has provided Rs 27 crore as part of Mudra loans to women entrepreneurs who have made significant contributions to the Indian economy through their “womanly force”. This initiative highlights the government’s focus on empowering women in entrepreneurship and acknowledges their crucial role in driving economic growth. The Mudra loan scheme aims to provide financial support to individuals, including women, who are starting or expanding their businesses.
The Pradhan Mantri Mudra Yojana (PMMY) was introduced by Prime Minister Narendra Modi on April 8, 2015. It is a scheme aimed at providing loans of up to Rs 10 lakh to small and micro enterprises that are non-corporate and non-farm in nature. Union Home Minister Amit Shah took to Twitter to emphasize that the celebration of womanhood is not just a slogan for Prime Minister Modi, but a tangible reality. He highlighted the progress made by women in various fields, including space, start-ups, defense, and domestic affairs, stating that they have shattered the glass ceiling and propelled the nation to new heights through their leadership and contributions.
“Transforming the tenet of progress, PM Narendra Modi Ji has unfolded an era of #9YearsOfWomenLedDevelopment for the world to marvel at. India registered a record of disbursing 27 crore mudra loans to women entrepreneurs who today empower the Indian economy with their womanly force,” he said.
The loans are classified as MUDRA loans under PMMY. These loans are given by commercial banks, regional rural banks, small finance banks, microfinance institutions, and non-banking financial institutions. The borrower can approach any of these lending institutions or apply online through the portal.
In line with the Pradhan Mantri Mudra Yojana (PMMY), the MUDRA (Micro Units Development and Refinance Agency Ltd) has established three products: ‘Shishu,’ ‘Kishore,’ and ‘Tarun.’ These products are designed to represent different stages of growth, development, and funding requirements for micro-units and entrepreneurs. They also serve as reference points for the subsequent phases of progress and expansion. The ‘Shishu’ category caters to the early stage or start-up enterprises, ‘Kishore’ targets businesses that have progressed beyond the initial stage, and ‘Tarun’ provides support to well-established enterprises with higher funding requirements. This categorization helps ensure that the financing provided through PMMY meets the specific needs of micro-businesses at various stages of development.
