Mudra Yojana completes 10 years; beneficiaries share success stories with PM
Prime Minister Narendra Modi on Tuesday engaged with beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY) at his residence, marking the 10th anniversary of the flagship scheme.
“Mudra Yojana has given opportunities to countless people to showcase their entrepreneurial skills. Interacted with some of the beneficiaries of the scheme. Their journey is inspiring,” PM Modi posted on X.
The Prime Minister, interacting with a beneficiary who has turned a pet supplies, medicines and services entrepreneur, highlighted the importance of expressing gratitude to those who believed in one’s potential during challenging times.
Loans to tune of Rs 52 cr sanctioned since 2015
Pradhan Mantri Mudra Yojana (PMMY) was first launched in April 2015 to provide collateral-free credit up to Rs 20 Lakh to micro-entrepreneurs, boosting self-employment and financial inclusion
Since its launch in April 2015, the PMMY has sanctioned over 52 crore loans worth Rs 32.61 lakh crore, fuelling a nationwide entrepreneurial revolution.
MSME lending surged from Rs 8.51 lakh crore in FY14 to Rs 27.25 lakh crore in FY24, and is projected to cross Rs 30 lakh crore in FY25
He asked the beneficiary to invite bank officials who had approved loans and showcase the progress made due to the loan.
“Such actions would not only acknowledge their trust, but also inspire confidence in their decision to support individuals who dared to dream big. Demonstrating the outcomes of their support would undoubtedly make them feel proud of their contribution to fostering growth and success," the PM told the beneficiary.
Speaking to an entrepreneur from Kerala, Gopi Krishan, the Prime Minister highlighted the transformative impact of the yojana, which enabled him to transition into a successful entrepreneur, focusing on renewable energy solutions for households and offices while creating job opportunities. He noted the beneficiary’s journey, after deciding to resign from his company in Dubai upon learning about the Mudra loan.
The Prime Minister further interacted with a female entrepreneur and the founder of House of Puchka from Raipur, Chattishgarh, who shared her inspiring journey from cooking at home to establishing a successful cafe business.
The woman entrepreneur told PM that research into profit margins and food cost management played a crucial role in this entrepreneurial success. She further added that there is fear in the minds of the youth, stating that many prefer settling into jobs rather than taking risks.
Modi in response, highlighted the importance of risk-taking capacity and shared that the founder of House of Puchka, at the age of 23, leveraged her ability to take risks and her time effectively to build her business.
The beneficiary remarked on the discussions among friends from Raipur, the corporate world, and students, noting their curiosity and questions about entrepreneurship. She further highlighted the lack of awareness among youth regarding government schemes that provide funding without requiring collateral.
Another beneficiary, Mudassir Naqshbandi, the owner of Bake My Cake in Baramulla, Kashmir, shared his journey of transitioning from being a “job seeker to a job creator", adding that he has provided stable employment to 42 individuals from remote areas of Baramulla.
The Prime Minister enquired about his earnings before receiving Murda loan, to which Mudassir replied that his earnings were in thousands, but his entrepreneurial journey has now elevated him to earning in lakhs and crores.
Modi acknowledged the widespread use of UPI in Mudassir’s business operations. and noted Mudassir’s observation that 90% of transactions are conducted through UPI, leaving only 10% of cash in hand.
India