MUDRA Yojana completes 8 years, Rs 23.2 lakh crore sanctioned

Since its beginning in 2015, around Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts under the Pradhan Mantri MUDRA Yojana.

“Approximately 68% of accounts under the scheme are held by women entrepreneurs, while 51% are held by entrepreneurs from the SC/ST and OBC categories. This demonstrates that the easy availability of credit to the country’s budding entrepreneurs has led to innovation and a sustained increase in per capita income,” Sitharaman remarked on the scheme’s eighth anniversary. Prime Minister Narendra Modi introduced the Pradhan Mantri MUDRA Yojana (PMMY) on April 8, 2015, to facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs.

The Finance Minister emphasized indigenous growth through MSMEs, saying, “The growth of MSMEs has contributed massively to the Make in India program, as strong domestic MSMEs lead to increased indigenous production both for domestic markets and for exports. The PMMY scheme has helped to generate large-scale employment opportunities at the grassroots level, and it has also proven to be a game changer in terms of boosting the Indian economy.