New Delhi: Prime Minister Narendra Modi on Tuesday revealed that over Rs 33 lakh crores in collateral-free loans had been sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) so far, empowering people to pursue entrepreneurship and become job providers instead of job seekers. He also said the transformative impact of PMMY was enabling grassroots entrepreneurship by providing collateral-free loans to small business owners and first-time entrepreneurs. His statement came while interacting with PMMY beneficiaries, marking 10 years of the flagship scheme that supports micro and small businesses across India.The PMMY scheme was launched by Mr Modi on April 8, 2015. Its objective was to fund the unfunded to provide collateral-free institutional credit through member lending institutions. Mr Modi also urged individuals to inspire and support at least five to ten others, fostering confidence and self-reliance among them. “Over 52 crore loans have been disbursed under the scheme, a monumental achievement unparalleled globally,” he said.In the Mudra scheme, the highest number of women have come forward. Women have applied for the most loans, received the most loans, and are also the fastest to repay them. “It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC communities, and over 70 per cent of the beneficiaries are women. Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom,” the prime minister said.Expressing trust in the nation’s talented youth who have utilised the funds effectively to generate jobs and stimulate the economy, Mr Modi said in last 10 years Rs 33 lakh crores had been disbursed to the citizens without the need for guarantees, and this amount had surpassed the financial support extended to wealthy individuals collectively.With the confidence displayed by the government in expanding the scope of Mudra loans, which initially ranged from Rs 50,000 to Rs 5 lakhs, to now reach Rs 20 lakhs, the Prime Minister noted this expansion reflects the trust placed in the entrepreneurial spirit and capabilities of India’s citizens, which has strengthened through the successful implementation of the scheme. “The beneficiaries that the government would review the scheme and take steps to further improve it,” he assured.Mr Modi said that job creation through Mudra Yojana has significantly contributed to economic growth and the earnings of citizens have increased, enabling them to improve their living standards and invest in the education for their children. “It has ushered in a significant shift in societal attitudes towards entrepreneurship. He underlined that the scheme has empowered women by not only offering financial assistance but also creating opportunities for them to lead and grow their businesses,” he said.Speaking on this occasion, finance minister Nirmala Sitharaman also said: “With over Rs.33.65 lakh crores sanctioned to more than 52 crore Mudra loan accounts, the scheme has proved to be an important milestone in giving wings to the aspirations of crores of entrepreneurs, particularly those belonging to the marginal sections of society.”
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