Empowering Entrepreneurs: The Success of Mudra Yojana

Prime Minister Narendra Modi highlighted the impact of the PM Mudra Yojana, which has sanctioned over Rs 33 lakh crore in collateral-free loans, empowering the youth and women, especially from marginalized communities, to become entrepreneurs. The scheme aims to foster entrepreneurship by providing easy access to credit.

Prime Minister Narendra Modi announced that the PM Mudra Yojana has sanctioned over Rs 33 lakh crore in collateral-free loans, significantly empowering individuals to harness their entrepreneurial potential.

During a meeting with Mudra Yojana beneficiaries, Modi emphasized the scheme's role in fostering a culture of entrepreneurship among the youth, helping them become job creators instead of job seekers. The PMMY, launched on April 8, 2015, provides collateral-free credit through Member Lending Institutions, encouraging financial and social inclusion.

Modi highlighted that half of the beneficiaries belong to marginalized communities, and over 70% are women. With women being the fastest to repay these loans, the scheme offers dignity and economic freedom. The government assures ongoing reviews to improve this initiative, under which loans are designed for small-scale income-generating activities across various sectors.

(With inputs from agencies.)