1,000 Mudra Loans Approved by the Time You Get Your Delivery: PM Modi

Synopsis

Prime Minister Narendra Modi highlighted the rapid approval of Mudra loans, stating that the foundation for 5,000 new businesses is laid during a single episode of an OTT show. He emphasized the scheme's role in empowering young entrepreneurs and facilitating financial inclusion across India.

Key Takeaways

Over 52 crore loans disbursed in 10 years.
11 crore self-employment opportunities created.
Loans approved at a remarkable speed.
Collateral-free loans up to Rs 10 lakh.
Significant milestone for marginalized entrepreneurs.

New Delhi, April 8 (NationPress) Prime Minister Narendra Modi stated on Tuesday that while an individual completes an episode on an OTT platform, the groundwork for 5,000 new businesses under the Pradhan Mantri Mudra Yojana (PMMY) has already been established, highlighting the rapid approval of these loans.

According to the Prime Minister, the current popularity of instant delivery apps means that by the time “you get your order, 1,000 Mudra loans are approved.”

The Mudra scheme has not only empowered individuals who previously struggled to obtain loans due to lack of collateral but also provided the youth of the nation with a new avenue to realize their dreams, said PM Modi during a media event.

“In the past decade, over 52 crore loans have been disbursed without any security under the Mudra Yojana,” PM Modi noted while addressing the ‘News18 Rising Bharat Summit’ in the capital.

“It’s not merely the scale, but also the unprecedented speed — by the time a traffic light changes from red to green, 100 Mudra loans are sanctioned. 200 loans are granted while you brush your teeth. Approximately 400 loans are approved as you enjoy your favorite song on the radio,” the Prime Minister elaborated.

Thanks to the Mudra scheme, over 11 crore individuals have gained self-employment opportunities. “These 11 crore people have emerged as first-time entrepreneurs, meaning their 11 crore dreams have taken flight in a decade,” the Prime Minister stated.

Launched on April 8, 2015, by PM Modi, the PMMY is commemorating 10 remarkable years of empowering small and micro-entrepreneurs throughout India. Designed to promote financial inclusion, PMMY offers 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, this scheme has become a significant milestone in enabling the aspirations of millions of entrepreneurs, especially from marginalized communities.

The initiative has provided vital financial support to countless entrepreneurs, assisting them in establishing and running their businesses while fostering a sense of financial security.