Rs 23.2 lakh cr sanctioned under Mudra Yojana since inception

New Delhi, Apr 8 (KNN) Since the launch of Pradhan Mantri MUDRA Yojana (PMMY) about Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts as of 24 March, 2023, said Union Minister for Finance Nirmala Sitharaman.

Today marks the successful 8th anniversary of the PMMY.

She said, “Brought under the visionary leadership of Prime Minister Narendra Modi, the scheme has enabled easy and hassle-free access to credit to micro-enterprises and has helped a large number of young entrepreneurs establish their businesses."

PMMY was launched on 8 April, 2015 by Prime Minister Narendra Modi with the aim to facilitate easy collateral-free micro credit of up to Rs 10 lakh to non-corporate, non-farm small and micro entrepreneurs for income generating activities. 

The loans under PMMY are provided by Member Lending Institutions (MLIs), i.e., Banks, Non-Banking Financial Companies (NBFCs), Micro Finance Institutions (MFIs) and other financial intermediaries.

About 68 per cent of accounts under the scheme belong to women entrepreneurs and 51 per cent of accounts belong to entrepreneurs of SC/ST and OBC categories. 

Highlighting indigenous growth through MSMEs, the Finance Minister said, “The growth of MSMEs has contributed massively to the “Make in India” programme as strong domestic MSMEs lead to increased indigenous production both for domestic markets as well as for exports. The PMMY scheme has helped in the generation of large-scale employment opportunities at the grassroots level and also has proved to be a game changer while boosting the Indian economy.”  (KNN Bureau)