Daijiworld Media Network- New Delhi
New Delhi, Apr 8: As the Pradhan Mantri MUDRA Yojana (PMMY) completes a remarkable 10-year journey, Union Finance Minister Nirmala Sitharaman on Tuesday hailed the scheme as a transformative force that has empowered women and bolstered financial inclusion for the country’s marginalised sections.
Addressing the milestone, the finance minister highlighted that nearly 68 per cent of all PMMY loan accounts have been sanctioned to women entrepreneurs—an achievement she described as "deeply heartening and a testament to the scheme’s success in fuelling women-led growth."
Launched on April 8, 2015, by Prime Minister Narendra Modi, the PMMY was envisioned to support small and micro-entrepreneurs by providing easy, collateral-free loans of up to Rs 10 lac for non-farm income-generating activities. Over the years, the initiative has emerged as a lifeline for grassroots businesses across the country.
In line with the Union Budget 2024-25, Sitharaman announced the introduction of the Tarun Plus category, allowing eligible entrepreneurs—those who have successfully repaid previous Tarun category loans—to access enhanced loan amounts of up to Rs 20 lac. “This move is aimed at helping thriving entrepreneurs take their ventures to greater heights,” she noted.
Further strengthening the initiative, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide coverage for these larger loans, reinforcing the government's commitment to a robust and inclusive entrepreneurial landscape.
Sharing figures that reflect the wide reach of the scheme, the finance minister revealed that over Rs33.65 lac crore has been sanctioned to more than 52 crore PMMY accounts. Of this, approximately Rs11.58 lac crore was disbursed to borrowers from Scheduled Castes, Scheduled Tribes, and Other Backward Classes—demonstrating the scheme’s inclusive ethos and its alignment with PM Modi’s mantra of “Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayaas.”
Minister of State for Finance, Pankaj Chaudhary, called PMMY “one of the most impactful global initiatives for entrepreneurship development,” noting that it continues to offer crucial credit support through banks, NBFCs, and Microfinance Institutions (MFIs).
While launching the scheme in 2015, Prime Minister Narendra Modi emphasized the need to empower India’s smallest entrepreneurs as a key to the nation’s economic prosperity. A decade later, that vision stands tall—with millions of aspiring business owners finding the wings to take flight through PMMY.
As the scheme enters its second decade, the government reaffirmed its unwavering support to foster innovation, uplift local enterprises, and build a financially inclusive India.