• Over Rs.33 lakh crore sanctioned in collateral-free loans under Mudra Yojana
• 68% of loan beneficiaries are women, boosting entrepreneurship
The Pradhan Mantri Mudra Yojana (PMMY) distributed collateral-free loans worth Rs.33 lakh crore to 52 crore beneficiaries throughout the past ten years, stated Union Minister of State Pankaj Chaudhary. Through PMMY the government has driven both entrepreneurial development and economic inclusion throughout India.
Non-corporate non-farm micro businesses may access loans under PMMY which range between Rs.50, 000 to Rs.20 lakh. Female entrepreneurship plays a vital role in the nation's economic development as 68% of loans from the Pradhan Mantri Mudra Yojana (PMMY) were allocated to women recipients according to Chaudhary. Female entrepreneurs leverage loan funds to launch new business projects while expanding existing operations which generates substantial income for their families and strengthens local economies.
The PMMY serves to deliver monetary backing directly to persons whose traditional banking options remain unavailable predominantly within rural territory and less accessible urban locations. Through self-employment opportunities the scheme established economic opportunities that benefit millions of Indians.
Chaudhary stressed that PMMY's success aligns with the political administration's dedication to achieve financial inclusivity by elevating vulnerable groups. He observed that contemporary people begin businesses while contributing actively to national economic development.
The successful scheme demonstrates how the government is actively working to build an inclusive business environment through its empowerment of women and entrepreneurs. The strategic credit programs under PMMY work to expand financial accessibility so people convert their business concepts into successful businesses.
