New Delhi (India), 8th April 2023: Since the launch of the Pradhan Mantri MUDRA Yojana (PMMY), a sum of “23.2 lakh crore had been sanctioned in 40.82 crore loan accounts,” according to Union Finance Minister Nirmala Sitharaman on Saturday.
On the occasion of the PMMY’s eighth anniversary, the minister stated that around 68% of accounts under the scheme belong to women business owners, while 51% of accounts belong to business owners who fall under the SC/ST and OBC categories.
On April 8, 2015, Prime Minister Narendra Modi introduced PMMY with the goal of making accessible, collateral-free microcredit available to small and microbusiness owners who are neither corporations or farmers for use in producing income.
The loans under PMMY are given by member lending institutions (MLIs), which include banks, non-banking financial firms (NBFCs), micro finance institutions (MFIs), and other financial intermediaries, according to a statement from the Ministry of Finance.
The minister emphasised on the expansion of domestic industries through micro, small, and medium-sized enterprises (MSMEs), saying that “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 and for exports.”
The initiative, the minister continued, has changed the game while increasing the Indian economy and has contributed to the creation of numerous high-paying jobs at the community level.
