Since its implementation in 2015, Pradhan Mantri Mudra Yojana (PMMY) has helped many in the country to successfully establish small-scale businesses.
Since its implementation in 2015, Pradhan Mantri Mudra Yojana (PMMY) has helped many in the country to successfully establish small-scale businesses. During his interaction with a selected few beneficiaries from across the nation on Tuesday, Prime Minister Narendra Modi came across someone from Assam who with the help of Mudra Yojana funds set up a successful tea and sweet shop that now helps him earn living. Narrating his story to the Prime Minister, Hriday Deka said that he received a loan of Rs 50,000 in 2015 without any guarantee and that too in a very short span of time. This loan amount was invested by him into his shop.
The business bloomed and in 2017 he successfully availed another Rs 5 lakh loan, he said. The manpower involved in the business has also increased to seven from two in 2015, Hriday Deka further said. The Prime Minister also encouraged Hriday Deka to promote digital payments.
Modi has many times said in the past that his father sold tea at a tea stall near Vadnagar railway station and in his early years, he too lent a hand to his father at the tea stall. During his interaction with Deka, Modi said in jest: “Tum bhi mere jaise ho (you too are like me).”
Pradhan Mantri Mudra Yojana was launched by the Prime Minister Narendra Modi on April 8, 2015, for providing loans of up to Rs 10 lakh to the non-corporate, non-farm small or micro enterprises. These loans are classified as MUDRA loans under PMMY. The Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs disburse these loans.
The banks and financial institutions have given Rs 6 lakh crore to 12 crore beneficiaries, Modi said today. “Out of the 12 crore beneficiaries, 28 per cent or 3.25 crore are first-time entrepreneurs,” he said in his interaction with beneficiaries of this scheme.
He also said 74 per cent, or 9 crore, borrowers are women and 55 per cent belong to the SC or ST and OBC category. Mudra loans have opened up new avenues for youth, women and those who wanted to start or expand their businesses, Modi said. Not only this, Mudra Yojana is also acting as a job multiplier, he further said.