Over Rs 27.75 lakh Cr disbursed under the MUDRA loan scheme

Loans amounting to Rs 27.75 lakh crore have been disbursed under the Pradhan Mantri MUDRA Yojana (PMMY) till date and over 47 crore small and new entrepreneurs have benefitted from the scheme.

The objective of Pradhan Mantri Mudra Yojana (PMMY) is to provide access to institutional finance to new or existing micro unit/enterprise up to Rs 10 lakh.

The number of loans sanctioned under the scheme so far is 47,19,91,954.

As per the government data available, in the financial year 2015-16 when the scheme was launched, the loan amount disbursed was Rs 1,32,954.73 crore. The disbursed amount saw rise in the subsequent financial years with Rs 1,75,312.13 crore in 2016-17.

In the financial year 2022-23, Rs 4,50,423.66 crore was disbursed while in the financial year 2023-24 the disbursed amount reached Rs 4,85,309.94 crore.

According to the Ministry of Finance, as on 24.11.2023, out of total 44.46 crore loans sanctioned under PMMY, 30.64 crore (69%) have been sanctioned to women. Further under Stand-up India (SUPI), as on 24.11.2023, out of 2.09 lakh loans sanctioned, 1.77 lakh (84%) have been sanctioned to women entrepreneurs.

Improved access to credit influences socio-economic growth of different sections of the society. PMMY was launched on April 8, 2015 to provide collateral free institutional credit to Small/ Micro enterprises for income generating activities. SUPI scheme was launched on April 5, 2016 to promote entrepreneurship among women and SC/ST by providing loans for setting up green field enterprises. Upliftment of women has been a major target of these schemes.

Micro-credit through PMMY encouraged female entrepreneurship, raised earnings and employability, and thereby empowered them financially, socially and psychologically. By allocating target to provide at least one loan to women and one loan to SC/ST entrepreneurs, SUPI encouraged lenders to finance green-field projects to women entrepreneurs which goes a long way in promotion of entrepreneurship among women and women led enterprises. (ANI)

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)