Prime Minister Narendra Modi said on Tuesday that Rs 33 lakh crore has been disbursed to the citizens under the Mudra Yojana without any guarantee and expressed his trust in the nation’s talented youth who have utilised the funds effectively to generate employment and stimulate the economy.
Modi congratulated the beneficiaries of the Pradhan Mantri MUDRA Yojana (PMMY) as the nation marks its 10th anniversary.
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Over 52 crore loans worth Rs 32.61 lakh crore have been sanctioned under the PM Mudra Yojana since the scheme’s launch in April 2015, fuelling a nationwide entrepreneurial revolution. The scheme that completed 10 years today after its launch on April 8, 2015 has reshaped India’s entrepreneurial landscape, drawing global recognition as a model for financial inclusion.
Interacting with MUDRA Yojana beneficiaries at his official residence here, PM Modi emphasised that this amount is unprecedented and surpassed any financial support extended to wealthy individuals collectively.
He said job creation through Mudra Yojana has significantly contributed to economic growth. He observed that the earnings of common citizens have increased, enabling them to improve their living standards and invest in education for their children. He acknowledged the societal benefits brought by the scheme.
Reflecting on the government’s commitment, the prime minister noted that unlike traditional approaches, his administration is actively seeking feedback after 10 years of the scheme’s implementation. He stressed the importance of reviewing the scheme’s progress by consulting beneficiaries and groups nationwide, identifying opportunities for improvement, and implementing necessary reforms for further success.
Highlighting the remarkable confidence displayed by the government in expanding the scope of Mudra loans, which initially ranged from Rs 50,000 to Rs 5 lakh, to now reaching Rs 20 lakh, Modi said this expansion reflects the trust placed in the entrepreneurial spirit and capabilities of India’s citizens, which has strengthened through the successful implementation of the scheme.
The prime minister highlighted the transformative impact of the Mudra Yojana on empowering citizens, particularly women, and fostering entrepreneurship across India. He emphasised how the scheme has provided financial support to individuals from marginalised and economically disadvantaged backgrounds, enabling them to start their own businesses without requiring guarantees or extensive paperwork.
PM Modi remarked that the silent revolution brought about by Mudra Yojana, noting the a significant shift in societal attitudes towards entrepreneurship. He underlined that the scheme has empowered women by not only offering financial assistance but also creating opportunities for them to lead and grow their businesses. He pointed out that women are among the highest beneficiaries of the scheme, leading in loan applications, approvals, and swift repayments.
“Mudra Yojana is not limited to any specific group but aims to empower the youth to stand on their own feet,” he said, adding it has a transformative impact in fostering entrepreneurship and self-reliance.
“Women are among the highest beneficiaries of the Mudra scheme,” PM Modi said.
Emphasising the importance of encouraging others to leverage the Mudra Yojana and start their own ventures, the prime minister urged individuals to inspire and support at least five to ten others, fostering confidence and self-reliance among them.
He highlighted that 52 crore loans have been disbursed under the scheme, a monumental achievement unparalleled globally.
Under the scheme, three categories of interventions have been formulated which include; Shishu (Loan up to Rs 50,000); Kishor (Loan above Rs 50,000 and up to Rs 5 lakh); Tarun (Loan above Rs 5 lakh and up to Rs 10 lakh) and additionally Tarun Plus (Loans above Rs 10 lakh and up to Rs 20 lakh).
Celebrating a decade of empowering dreams and driving inclusive economic growth, the prime minister highlighted the pivotal role played by the MUDRA scheme in uplifting marginalised communities and promoting entrepreneurship across India.
In a post on X, the Prime Minister said in X threads; “Today, as we mark #10YearsOfMUDRA, I would like to congratulate all those whose lives have been transformed thanks to this scheme. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine. It illustrates that for the people of India, nothing is impossible!”
“It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC Communities, and over 70 per cent of the beneficiaries are women! Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom.”
“In the times to come, our Government will continue focusing on ensuring a robust ecosystem where every aspiring entrepreneur, has access to credit thus giving him or her the confidence and a chance to grow.”
Modi also highlighted MUDRA Yojana’s pivotal impact in an interview with an English Daily.
In an interview with the English Daily, the Prime Minister spoke in detail about the path-breaking impact of the PMMY.
