New Delhi, Apr 8: As India marks ten years of the Pradhan Mantri Mudra Yojana (PMMY), Prime Minister Narendra Modi Tuesday congratulated the beneficiaries, saying that the scheme has given opportunities to countless people to showcase their entrepreneurial skills and turn their dreams into reality.

The Prime Minister said that it was heartening that half of the Mudra beneficiaries belong to SC, ST and OBC communities.

"It is particularly heartening that half of the Mudra beneficiaries belong to SC, ST and OBC Communities, and over 70% of the beneficiaries are women! Every Mudra loan carries with it dignity, self-respect and opportunity. In addition to financial inclusion, this scheme has also ensured social inclusion and economic freedom."

PM Modi also interacted with some of the beneficiaries of the scheme. He said their journey was inspiring.

While highlighting the ten years of the scheme, PM Modi said several dreams have been turned into reality.

"Today, as we mark, #10YearsOfMUDRA, I would like to congratulate all those whose lives have been transformed thanks to this scheme. Over this decade, Mudra Yojana has turned several dreams into reality, empowering people who were previously overlooked with the financial support to shine. It illustrates that for the people of India, nothing is impossible!"

He said the Mudra Yojana has given opportunities to countless people to showcase their entrepreneurial skills.

PMMY is the flagship programme of PM Modi aimed at funding the unfunded micro enterprises and small businesses.

PMMY, under the Micro Units Development and Refinancing Agency (MUDRA), was set up by the Centre for the development and refinancing activities relating to micro units.

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. Business growth is no longer confined to big cities -- it is spreading to small towns and villages, where first-time entrepreneurs are taking charge of their destinies.

The scheme ensures that collateral-free institutional credit up to Rs 20 lakh is provided by Member Lending Institutions (MLIs), i.e., Scheduled Commercial Banks (SCBs), Regional Rural Banks (RRBs), Non-Banking Financial Companies (NBFCs) and Micro Finance Institutions (MFIs).

According to a government press release, Mudra has laid the foundation for a new era of grassroots entrepreneurship by removing the burden of collateral and simplifying access.

From stitching units and tea stalls to salons, mechanic shops, and mobile repair businesses, crores of micro-entrepreneurs have stepped forward with confidence, enabled by a system that believed in their potential. PMMY has supported these journeys by offering institutional credit to non-corporate, non-farm micro and small enterprises that form the backbone of India’s economy.

At its core, the Mudra Yojana is a story of trust. Trust in people’s aspirations and in their ability to build. Trust in the belief that even the smallest dreams deserve a platform to grow, according to a government press release.

Women account for 68 per cent of all Mudra beneficiaries, underscoring the scheme’s pivotal role in advancing women-led enterprises across the country. Between FY16 and FY25, the per-woman PMMY disbursement amount increased at a CAGR of 13 per cent, reaching Rs 62,679, while per-woman incremental deposits grew at a CAGR of 14 per cent to Rs 95,269. States with higher disbursement shares to women have recorded significantly higher employment generation through women-led MSMEs, reinforcing the effectiveness of targeted financial inclusion in enhancing their economic empowerment and labour force participation.

PMMY has made significant progress in breaking traditional credit barriers. According to the SBI report, 50 per cent of Mudra accounts are held by SC, ST and OBC entrepreneurs, ensuring wider access to formal finance.

Furthermore, 11 per cent of Mudra loan holders belong to minority communities, demonstrating the scheme’s contribution to inclusive growth by enabling marginalised communities to become active participants in the formal economy.

(ANS)

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