Pradhan Mantri MUDRA Yojana (PMMY) has become a job multiplier, said Prime Minister Narendra Modi, while interacting with beneficiaries of the scheme from across the country on Tuesday.

The video conference is the second in the series of video bridge by the PM Modi, interacting with various beneficiaries of government schemes.

Addressing the PMMY beneficiaries, PM Modi said that the initiative has helped in relieving the entrepreneurs from the vicious cycle of moneylenders and middlemen. It has opened up new opportunities for youth, women and those who wanted to start or expand their businesses.

Mudra Yojana has emerged as a job multiplier. Entrepreneurs, particularly in smaller towns and villages who were forced to depend on middlemen or moneylenders are relieved due to Mudra Yojana. This initiative places faith on the skills and strengths of 125 crore Indians.

— Narendra Modi (@narendramodi) May 29, 2018

During today’s interaction with Mudra Yojana beneficiaries, I heard entrepreneurs from Maharashtra, Karnataka, Assam, West Bengal, Jammu and Kashmir, and Himachal Pradesh share their life journeys. Due to Mudra, the entrepreneurial potential of young Indians is being harnessed.

— Narendra Modi (@narendramodi) May 29, 2018

Out of which 28 per cent of the loans worth Rs 3.25-lakh crore were given to first time entrepreneurs. Of the total loans disbursed, 74 per cent of the total beneficiaries were women and 55 per cent of the loans were given to SC/ST and OBC communities.

PM Modi said that the scheme has transformed the lives of the poor and that by aiding small and micro businesses, the scheme has helped to strengthen people economically and socially.

Emphasising on creating self-employment, Prime Minister said that being self-employed is a matter of pride now and has helped people in achieving things that were considered impossible before.

During the interaction, Prime Minister said that if Mudra Yojana was implemented a few years ago, it would have helped lakhs of people to set up their own businesses and would have stopped migration to a great extent.

Interacting with the Prime Minister, beneficiaries explained how Mudra Yojana has helped to set up their own business and thereby helped to create employment for others.

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Prime Minister on April 8, 2015 for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.

These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs.

PMMY is a flagship scheme of government of India to “fund the unfunded” by bringing such enterprises to the formal financial system and extending affordable credit to them.

Also read | Pradhan Mantri MUDRA Yojana: How to apply? Check your eligibility