Prime Minister Narendra Modi today lauded the Mudra Yojana on its completion of eight years, saying it has played a vital role in funding the unfunded and ensuring a life of dignity for the people.

In response to a series of tweets by MyGovIndia, the PM said; ”PMMudraYojana has played a vital role in funding the unfunded and ensuring a life of dignity as well as prosperity for countless Indians. Today, as we mark 8YearsOfMudraYojana, I salute the entrepreneurial zeal of all those who benefitted from it and became wealth creators.”

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The Pradhan Mantri MUDRA Yojana (PMMY) was launched on 8 April 2015 by the PM with the aim to facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities.

The loans under PMMY are provided by Member Lending Institutions (MLIs), i.e., Banks, Non-Banking Financial Companies (NBFCs), Micro-Finance Institutions (MFIs) and other financial intermediaries.

In a message on the occasion, Union Minister for Finance Nirmala Sitharaman said, “Brought under the visionary leadership of Prime Minister Narendra Modi, the scheme has enabled easy and hassle-free access to credit to micro-enterprises and has helped a large number of young entrepreneurs establish their businesses.”

In reference to the PMMY data, Sitharaman said, “Since the launch of the scheme, as of 24.03.2023, about Rs 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts. About 68 per cent of accounts under the scheme belong to women entrepreneurs and 51 per cent of accounts belong to entrepreneurs of SC/ST and OBC categories. This demonstrates that easy availability of credit to the budding entrepreneurs of the country has led to innovation and sustained increase in per capita income.”

Highlighting indigenous growth through MSMEs, she said, “The growth of MSMEs has contributed massively to the “Make in India” programme as strong domestic MSMEs lead to increased indigenous production both for domestic markets as well as for exports. The PMMY scheme has helped in the generation of large-scale employment opportunities at the grassroots level and also has proved to be a game changer while boosting the Indian economy.”

On the occasion, Union Minister of State (MoS) for Finance Bhagwat Kisanrao Karad said, “The PMMY scheme aims to provide collateral-free access to credit in a seamless manner to micro-enterprises in the country. It has brought the unserved and under-served sections of society within the framework of institutional credit. The government policy of promoting MUDRA has led millions of MSME enterprises in the formal economy and has helped them to get out of the clutches of money-lenders offering very high-cost funds.”