According to Prime Minister Narendra Modi, over 8 crore young people have become entrepreneurs for the first time thanks to the government’s flagship Mudra loans.
Details about according to Narendra Modi, the Mudra Scheme has helped eight crore Youngsters become entrepreneurs
While speaking about the Uttarakhand Rozgar Mela and the state’s growing tourism industry, Modi stated, “The Mudra Yojana is doing a lot to encourage tourism employment and self-employment. Businesses such as stores, dhabas, guest houses, and homestays can apply for loans of up to INR 10 lakh under this scheme.”
He further stated that “so far, 38 crore Mudra loans have been disbursed across the country,” with the “majority of women and young friends belonging to SC/ST/OBC sections receiving the greatest portion.”
He cited shops, dhabas, guest rooms, and homestays as instances of enterprises that received loans of up to INR 10 lakh with no assurance.
Mudra is an acronym that stands for Micro-units Development and Refinance Agency. Borrowers can apply for business loans ranging from INR 50,000 to INR 10 lakh under this scheme. The Prime Minister launched the Mudra Yojana in April 2015 with the goal of enabling Micro Finance Institutions (MFIs), Non-Banking Financial Institutions/Companies (NBFCs), Small Finance Banks, RBRs, Commercial Banks, Cooperative Banks, and others to give Low Rate Loans to qualifying organisations.
According to data presented by 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 scheme’s launch in April 2015 to January 27, 2023. Almost 26.35 crore loans were issued to women entrepreneurs (68%) while 19.84 crore loans were extended to SC/ST/OBC borrowers (51%).