Eight Crore Youngsters Became Entrepreneurs With Mudra Scheme, Says Narendra Modi The Prime Minister has also said that Mudra Yojana is helping a lot in boosting employment and self-employment in tourism

By Teena Jose

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Narendra Modi Twitter handle

Prime Minister Narendra Modi, on Monday, has reportedly said that about 8 crore youngsters have become entrepreneurs for the first time with the help of government's flagship Mudra loans.

While addressing the Uttarakhand Rozgar Mela and the growth in tourism in the state, Modi said that, "Mudra yojana is helping a lot in boosting employment and self-employment in tourism. Under this scheme, those engaged in businesses like shops, dhabas, guest houses, and homestays are getting loans up to INR 10 lakh without guarantee."

He also added that, "So far, 38 crore Mudra loans have been given across the country with the "maximum share of women and young friends belonging to SC/ST/OBC classes."

Giving examples of shops, dhabas, guest houses, and homestays, he said that the loans up to INR 10 lakh being provided to such businesses without any guarantee.

Mudra stands for Micro-units development and refinance agency. Under this scheme borrowers can avail business loans ranging from INR 50,000 to INR 10 lakh. Launched in April 2015 by the Prime Minister, the Mudra Yojana aims to enable Micro Finance Institutions (MFIs), Non-Banking financial institutions/Companies (NBFCs), Small Finance Banks, RBRs, Commercial Banks, Cooperative Banks, etc. to provide Low Rate Loans to eligible entities.

According to the Mudra scheme data shared by the Minister of State in the Ministry of Finance Bhagwat Karad in the Lok Sabha on February 13, as reported by FE, more than 38.58 crore loans were extended from the inception of the scheme in April 2015 till January 27, 2023. Out of this, over 26.35 crore loans were extended to women Entrepreneurs (68%) and 19.84 crore loans to SC/ST/OBC category of borrowers (51%).

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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.

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