Finance Minister Increases MUDRA Loan Limit to 20 Lakhs in Budget 2024

New Delhi, Jul 23 (KNN) Finance Minister Nirmala Sitharaman announced a significant increase in the Micro Units Development and Refinance Agency (MUDRA) loan limit during her 2024 Union Budget speech.

The maximum loan amount under the MUDRA scheme has been raised to 20 lakhs, up from its previous limit.

This decision comes after recommendations from various Non-Banking Financial Companies (NBFCs) and credit companies during pre-budget discussions. The increase is expected to provide greater financial support to micro and small enterprises across India.

The MUDRA scheme, launched in 2015, aims to provide affordable credit to small businesses and entrepreneurs. With this enhancement, more businesses may now access larger amounts of funding to support their growth and operations.

Industry experts believe this move will boost the micro-enterprise sector and contribute to job creation and economic growth.

(KNN Bureau)