Budget 2018: FM Arun Jaitley raises MUDRA lending target to Rs 4 lakh cr for FY’19

Budget 2018: Finance Minister Arun Jaitley today enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to Rs 3 lakh crore for the 2018-19 fiscal. Launched in April 2015, Rs 4.6 lakh crore credit has been sanctioned under the scheme so far to 10.38 crore beneficiaries.

budget 2018, budget date, budget 2018 india, India budget, Union budget 2018, budget 2018 expectations, budget 2018 date, budget 2018 speech, arun jaitley, arun jaitley speech, arun jaitley budget, budget allocation, rail budget, congress, economy, mudra, mudra yojana, pradhanmantri mudra yojana
Budget 2018: Finance Minister Arun Jaitley today enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to Rs 3 lakh crore for the 2018-19 fiscal. (Image: Reuters)

Budget 2018: Finance Minister Arun Jaitley today enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to Rs 3 lakh crore for the 2018-19 fiscal. Launched in April 2015, Rs 4.6 lakh crore credit has been sanctioned under the scheme so far to 10.38 crore beneficiaries. Of the total loan accounts, 76 per cent are of women and more than 50 per cent belong to SCs, STs and OBCs, he said. “It is proposed to set a target of Rs 3 lakh crore for lending under MUDRA for 2018-19 after having successfully exceeded the targets in all previous years,” he said.

Also Watch: Brief History Of Budget: 10 Interesting Facts You Shouldn’t Miss

The budget for the current fiscal had announced a loan target of Rs 2.44 lakh crore under the Micro Units Development and Refinance Agency Ltd (MUDRA). These loans are available for non-agricultural activities up to Rs 10 lakh and activities allied to agriculture such as dairy, poultry, bee keeping are also covered under it.

Also Read: Budget 2018: FM Jaitley announces corporate tax cut to 25% for turnover up to Rs 250 crore

Also read: Know how Arun Jaitley’s Budget 2018 will impact your tax liability with this Income Tax Calculator

Three products are available under the PMMY namely Shishu, Kishor and Tarun to signify the stage of growth and funding needs of the beneficiary micro unit or entrepreneur. Shishu covers loans up to Rs 50,000 while Kishor covers above Rs 50,000 and up to Rs 5 lakh. Tarun category provides loans of above Rs 5 lakh and up to Rs 10 lakh.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express Telegram Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.