Pradhan Mantri Mudra Yojana completed 11 years on April 8

Pradhan Mantri Mudra Yojana completed 11 years on April 8

¨     Pradhan Mantri Mudra Yojana completed 11 years on April 8.

¨  It was launched on April 8, 2015. This scheme is a flagship program of the Government of India.

¨     It provides assistance to micro-enterprises and small businesses that lack access to formal credit.

¨   It eliminated the requirement for collateral. It also simplified the loan application process.

¨     This fostered entrepreneurship at the grassroots level. Over time, it strengthened financial inclusion. It also encouraged local innovation.

¨     The scheme offered an alternative to traditional credit systems.

¨     It assisted borrowers who previously faced difficulties in obtaining loans.

¨  Nirmala Sitharaman lauded the impact of this scheme. She stated that it has completely transformed access to credit for MSMEs. It has also provided support to individual entrepreneurs.

¨     This scheme supports the vision of a 'Developed India' by 2047.

¨  Approximately 58 crore loans have been sanctioned. The value of these loans exceeds ₹40 lakh crore.

¨ Approximately two-thirds of the beneficiaries are women. About one-fifth of the beneficiaries are entrepreneurs starting a business for the first time.

¨     The scheme provides collateral-free loans of up to ₹20 lakh.

¨   The loans are categorized into four segments: Shishu, Kishore, Tarun, and Tarun Plus. These categories represent different stages of business growth.