Nirmala Sitharaman Says PMMY to Empower Entrepreneurs

By: WE Staff | Friday, 10 April 2026

• Nirmala Sitharaman, PMMY will remain in force as a part of development objectives in India
• The statement was given during the observance of 11th Anniversary of the scheme
• The scheme is intended to offer financial assistance to budding entrepreneurs

According to Nirmala Sitharaman, the Pradhan Mantri Mudra Yojana (PMMY) scheme is here to stay and will continue to promote entrepreneurship and help in meeting the development goals of India, including the Viksit Bharat mission by 2047. This was announced by her during the 11th anniversary of the scheme.

Established on 8 April 2015, the main objective of PMMY is to provide institutional financing to individuals and businesses who have remained excluded from such facilities owing to their exclusion from formal banks.

She highlighted the importance of this scheme in increasing participation in entrepreneurship as well as changing credit access for MSMEs and entrepreneurs.

According to Narendra Modi, this scheme has not only widened credit access but has also been instrumental in increasing entrepreneurial activities in the country. As per Nirmala, till date, more than 57.79 crore loans worth ₹40.07 lakh crore have been sanctioned under PMMY.

Two-thirds of these have gone to female entrepreneurs and around one-fifth to new entrepreneurs, which amounts to 12.15 crore loans worth ₹12 lakh crore.

According to the Ministry of State for Finance, Pankaj Chaudhary stated that the scheme has played a part in making India financially inclusive, especially among the socially disadvantaged sections of society.

Official records show that 51 percent of the beneficiaries fall under the category of SC/ST/OBCs, while women make up about 67 percent of all the beneficiaries.

PMMY provides loan facilities up to Rs. 20 lakh to non-corporate non-farm enterprises without any kind of collateral facility through banks, NBFCs, and MFIs.

The Ministry of Finance also noted that the MSME sector still holds significance in the Indian economy, with digitisation ensuring ease in obtaining loans.