New Delhi, Feb 1 (KNN) Finance Minister Nirmala Sitharaman highlighted The Pradhan Mantri Mudra Yojana (PMMY) as a pivotal initiative in fostering the entrepreneurial spirit among the youth of India during her Thursday speech on the interim budget for 2024.

Having successfully sanctioned a remarkable 43 crore loans, with an aggregate value reaching an impressive 22.5 lakh crore.

This substantial financial support has played a crucial role in empowering aspiring entrepreneurs to turn their innovative ideas into viable businesses.

In addition to PMMY, the government has implemented various other schemes such as the Fund of Funds, Start-Up India, and Start-Up Credit Guarantee to further bolster the ambitions of the country's youth.

These initiatives not only provide financial assistance but also create an enabling environment for the youth to explore and pursue their entrepreneurial dreams, contributing to the overall growth and development of the nation's economy.

The number of start-ups in India has surged to over 117,000 as of December 31, 2023, a significant leap from around 400 at the inception of the Start-up India initiative in January 2016.

The geographical spread of startups has expanded sixfold in seven years, reaching nearly 670 districts, with 50 per cent based in Tier 2 and 3 cities.

(KNN Bureau)