You can be on Entrepreneur’s cover!

Banks Sanction INR 23.2 Lakh Crore To About 40.82 Crore Beneficiaries Under Mudra Yojana PM Mudra Yojana has played a vital role in funding the unfunded and ensuring a life of dignity as well as prosperity for countless Indians

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Banks and financial institutions have sanctioned INR 23.2 lakh crore to over 40.82 crore beneficiaries under the Mudra Yojana since its launch in 2015, according to a PTI report.

The report further said that Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to INR 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities.

PM Mudra Yojana 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 8 years of MudraYojana, I salute the entrepreneurial zeal of all those who benefitted from it and became wealth creators," Prime Minister Narendra Modi said in a tweet.

Speaking on the occasion of the 8th anniversary, Finance Minister Nirmala Sitharaman said, "Since the launch of the scheme, as of March 24, 2023, about INR 23.2 lakh crore has been sanctioned in 40.82 crore loan accounts."

"About 68% of accounts under the scheme belong to women entrepreneurs, and 51% 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," she reportedly added.

Furthermore, as per the report the minister highlighted the indigenous growth through MSMEs and 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."

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
Business News

Mark Zuckerberg Says This CEO Is the 'Taylor Swift' of Tech

Meta's CEO posed with Nvidia CEO Jensen Huang on Instagram Wednesday.

Side Hustle

This Mom Started a Side Hustle After a 'Shocking' Realization in the Toy Aisle. Her Product Was in Macy's Within the Year — Seeing Nearly $350,000 in Sales.

Elenor Mak, now founder of Jilly Bing, didn't plan to start a business — but the search for a doll that looked like her daughter inspired her to do just that.

Growing a Business

To Achieve Sustainable Success, You Need to Stop Focusing on Disruption. Here's Why — and What You Must Focus on Instead.

Instead of zeroing in solely on disruptive innovation, embrace a pragmatic approach to innovation, recognizing and leveraging the potential within ongoing industry shifts.

Real Estate

3 Emerging Trends Shaping the Future of Real Estate

These three innovations are reshaping the real estate industry — discover tips for effectively covering these trends.

Thought Leaders

How To Improve Your Soft Skills and Emotional Intelligence in 7 Easy Steps

Using these simple but effective approaches will help a person in their business, life and relationships.

Business News

Sam Bankman-Fried Sentenced to 25 Years in Prison for Multibillion-Dollar Crypto Fraud

Southern District of New York Judge Lewis Kaplan said that the loss amount to the victims of Bankman-Fried's crimes surpassed $550 million.