New Delhi, Apr 8: Prime Minister Narendra Modi on Tuesday said that by the time a person finishes watching one episode on an OTT platform, the foundation for 5,000 new Pradhan Mantri Mudra Yojana (PMMY) businesses has already been laid, emphasising on the speed at which these loans are being approved.

According to Prime Minister, instant delivery apps are in demand these days and by the time “you receive your order, 1,000 Mudra loans get sanctioned”.

The Mudra scheme not only empowered those who couldn’t get loans due to lack of collateral but also gave the country’s youth a new path to pursue their dreams, said PM Modi during a media event here.

"In the last 10 years, more than 52 crore loans have been disbursed without any guarantee under the Mudra Yojana," said PM Modi while addressing the ‘News18 Rising Bharat Summit’ in the national capital.

“It’s not just the scale, but also the speed that’s unprecedented — by the time a traffic light turns from red to green, 100 Mudra loans get approved. 200 Mudra loans are approved by the time you finish brushing your teeth. About 400 Mudra loans are sanctioned by the time you listen your favourite song on radio,” the prime minister said.

Because of Mudra scheme, more than 11 crore people got self-employment opportunity. "These 11 crore people have become first-time entrepreneurs, which means 11 crore dreams have taken flight in 10 years,” said the Prime Minister.

The PMMY, launched on April 8, 2015, by PM Modi, is celebrating 10 glorious years of empowering small and micro-entrepreneurs across India. Aimed at fostering financial inclusion, PMMY provides easy, collateral-free loans up to Rs 10 lakh for non-corporate and non-farm income-generating activities.

With over Rs 33.65 lakh crore sanctioned to more than 52 crore Mudra loan accounts, the scheme has proved to be an important milestone in giving wings to the aspirations of crores of entrepreneurs, particularly those belonging to marginalised sections of society.

The scheme has provided crucial financial assistance to a vast number of entrepreneurs, helping them set up and operate their businesses and instilling a sense of financial security in them.

(IANS)

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