PM Modi interacted with beneficiaries on the completion of 10 years of PM Mudra Yojana. This scheme has empowered 52 crore people of women and backward classes by giving them a loan of Rs 33 lakh crore. This has given people a chance to move forward in entrepreneurship.
Prime Minister Narendra Modi interacted with the beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY) on Tuesday morning. The scheme was supported on completion of 10 years to micro and small businesses across India. He said that under this scheme, in the last 10 years, our government has given unsecured loans of more than Rs 33 lakh crore to 52 crore people, which has empowered people to pursue entrepreneurship and become job providers instead of job seekers. At his residence, PM Modi greeted the beneficiaries saying, "I thank you all for coming to my residence. It is said in our scriptures that when guests come to the house, the house becomes sacred, so I welcome you all. "
Empowerment of women and marginalized communities
According to the Finance Ministry, 68% of the beneficiaries of the Mudra Yojana are women, while 50% are from the Scheduled Castes (SCs), Scheduled Tribes (STs) and Other Backward Classes (OBCs). M. Nagaraju, Secretary, Department of Financial Services, had earlier stressed that the initiative was designed for those who want loans without any guarantee. "Our aim was to finance the people who were funded – and we've succeeded in creating a strong ecosystem of entrepreneurship that is visible in every corner of the country," he said. "
Praising the women beneficiaries of the scheme, he said, "A majority of the beneficiaries out of the 52 crore borrowers are women and interestingly, they are the most prompt in paying back their Mudra loans. The Prime Minister also interacted with several young entrepreneurs, and told their stories and how they benefited from the scheme.
Beneficiaries narrate success stories
Luvkush Mehra from Bhopal explained how he set up his business in 2021 and is now earning Rs 50 lakh. He said, "Earlier I used to work with someone, was a servant, but you took our guarantee through Mudra Loan and today we have become the owner." I started my business in 2021 and I approached the bank, they gave me a loan limit of Rs 5 lakh. I was apprehensive that I was taking such a big loan for the first time and whether I would be able to repay it or not. Today my Mudra loan has increased from Rs 5 lakh to Rs 9.5 lakh and my first year's turnover was Rs 12 lakh, which has now increased to more than Rs 50 lakh. In response, PM Modi said the Mudra scheme is "to give the youth of my country the courage to stand on their own feet" and not to "praise Modi".
Another beneficiary, Poonam Kumari, took the mic and shared her story. Coming from a poor peasant background, she spoke of surviving by having one meal a day, while she looked quite emotional. She and her husband decided to start the business in 2024 with the help of a collateral-free loan of Rs 8 lakh under the Mudra scheme. He claimed that he started the seed business, which is now earning him up to Rs 60,000 per month. He told the Prime Minister, "Today I am self-sufficient – and it is because of your planning, sir. "