Mudra to empower entrepreneurs: FM

mumbai

Finance Minister Nirmala Sitharaman on Wednesday said the Pradhan Mantri Mudra Yojana (PMMY), focused on funding the unfunded, will continue to empower entrepreneurs to make them active participants in the nation's journey to become Viksit Bharat by 2047.

On the occasion of the 11th anniversary of the PMMY, Sitharaman said India witnessed a silent transformation where crores of ordinary citizens stepped into entrepreneurship with newfound confidence in the last decade.

"PM Mudra Yojana has redefined access to credit by empowering millions with the confidence to dream and the means to fulfil it. By removing barriers and trusting the aspirations of our people, it has strengthened the spirit of enterprise across India," Prime Minister Narendra Modi said in a post on X.

At its heart lies an initiative launched on April 8, 2015, by the Prime Minister, the PMMY, which, by design, focused on funding the unfunded, Sitharaman said.

"Eleven years later, the scheme has been instrumental in reshaping the credit landscape for MSMEs and countless individual entrepreneurs in the country. These were those entrepreneurs who were hitherto excluded from the formal banking system. With this initiative, entrepreneurship has become truly democratised by removing the entry barriers to credit," she said.

Highlighting the role of the PMMY in empowering millions and fulfilling the vision of inclusive growth, she said cumulatively, more than 57.79 crore loans have been sanctioned, amounting to ₹40.07 lakh crore of disbursement.