New Delhi: Banks and financial institutions have approved Rs. 23.2 lakh crore as part of a new government initiative called the Pradhan Mantri Mudra Yojana for more than 40.82 crore people. The goal of the government programme is to finance the underfunded. The main goal of the launch is to give the beneficiaries a nest egg.
The lenders under this Mudra Yojana will include banks, member lending institutions, microfinance institutions, non-banking financial businesses, and other financial intermediaries, the Finance Ministry stated in further detail.
On April 8, 2015, Prime Minister Narendra Modi introduced the Pradhan Mantri Mudra Yojana (PMMY), which aims to expand simple, collateral-free microcredits up to a maximum of Rs. 10 lakh to individuals and microentrepreneurs for use in generating revenue.
Nirmala Sitharaman, the finance minister, spoke about the new strategy and noted that so far, 23.2 lakh crore rupees had been sanctioned in 40.82 crore loan accounts. The lady minister stated that over 68 percent of PMMY account holders are women entrepreneurs, and roughly 51 percent of accounts fall under the categories of the backward classes, in an effort to encourage more women’s livelihoods.
Obviously, by enhancing advantages for the underprivileged, this is a step towards making all of India a developed version. As we look back at the past, we can see that the government has introduced several programmes and policies, such as Make in India and policies for MSMEs, to help the underprivileged sector of society.
Notably, the project “Made in India” has greatly benefited from the successful emergence of MSMEs by offering comprehensive assistance to indigenous production for both export and domestic markets. The finance minister emphasised that the PMMY programme has first created substantial employment prospects in order to create more and more fields of work. The initiative has also been demonstrated to be a game changer for the Indian economy.
I got 1 lakh rupees under PM Mudra Yojna, and after seeing my success, the Bank increased the limit to 10 lakh rupees, says Roran Singh, a beneficiary of #PMMudrayojna who gave employment to 10 other people. @FinMinIndia pic.twitter.com/wzgu3PQJ0G
— DD News (@DDNewslive) April 8, 2023
