New Delhi: Prime Minister Narendra Modi is scheduled to engage with beneficiaries of the Mudra Yojana at approximately 9 AM on Tuesday.
The Pradhan Mantri Mudra Yojana (PMMY), a flagship initiative of the Prime Minister aimed at providing financial support to micro enterprises and small businesses, has sanctioned 50 crore loan accounts over the past ten years, according to an official announcement made on Monday.
On the occasion of the 10-year anniversary of the PMMY, M Nagaraju, Secretary of the Department of Financial Services, informed media, “The Prime Minister launched this scheme to provide loans without the need for guarantees. We have sanctioned 50 crore loan accounts in the last decade, with a total loan disbursement of Rs 33 lakh crore. Of these beneficiaries, 68% are women, and 50% belong to Scheduled Castes, Scheduled Tribes, and Other Backward Classes. Loans can be applied for through an online portal.”
In an official statement from the Ministry of Finance, today marks a decade since the Pradhan Mantri MUDRA Yojana (PMMY) was introduced. The program was designed to support unfunded micro enterprises and small businesses by eliminating the burden of collateral and simplifying access to credit, thereby fostering a new era of grassroots entrepreneurship.
Many lives across the country have been positively impacted. For example, Kamlesh, a home-based tailor in Delhi, has expanded her business, hired three other women, and enrolled her children in a better school. Similarly, Bindu began by producing 50 brooms daily and now leads a unit manufacturing 500 brooms. These success stories are becoming increasingly common, reflecting a broader transformation, as noted by the Ministry.
From stitching workshops and tea stalls to salons, mechanic shops, and mobile repair services, millions of micro-entrepreneurs have gained confidence, supported by a system that recognizes their potential. PMMY has provided institutional credit to non-corporate, non-farm micro and small enterprises, which are crucial to India’s economy.
At its essence, the MUDRA Yojana embodies trust—trust in people’s aspirations and abilities to build their futures, and a belief that even the smallest dreams deserve a platform to flourish, according to the ministry’s statement.
