Narendra Modi criticises people bashing Loan Project ‘Mudra’ says, they can’t ‘Understand Common-man’s Capabilities

New Delhi (India), 13th Aptil 2023: On April 13, Prime Minister Narendra Modi stated that the “new India” is advancing with new policies and plans. His administration is also working proactively on infrastructure and technology issues, rejecting the “reactive approach” of the past.

In a video address at a Rozgar Mela, Mr. Modi claimed that the government’s policies and tactics had spawned over eight crore new entrepreneurs as a result of the “Mudra” credit project for small and micro businesses.

Additionally, he mocked people who “consider themselves big economists” and gave “loans on the phone” to powerful businesses while “ridiculing” the scheme.

Although he made no specific mention of anyone, it appears that his jab was directed at former finance minister and stalwart of the Congress P. Chidambaram, who recently questioned the “Mudra” scheme and questioned what kinds of businesses could be launched with a loan of $50,000.

According to Mr. Modi, the scheme has provided loans totaling $23 lakh crore, with 70% of the recipients being women.

Microfinance significantly boosts the economy at the local level, but some people who believe themselves to be important economists haven’t recognised this and don’t comprehend the potential of the common man, he said.

To cited the magnitude of change since he took office in 2014, Mr. Modi. He mentioned rail projects, road length and also the expenditure in airport infrastructure.

According to him, the extensive infrastructural work underway is producing numerous job and self-employment options.