Bihar: Pradhan Mantri Mudra Yojana Boosts Entrepreneurs in Bhagalpur
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Synopsis
The Pradhan Mantri Mudra Yojana has transformed entrepreneurship in Bhagalpur, Bihar, aiding countless individuals in starting and expanding their businesses. With loans up to Rs 20 lakh, the scheme has proven essential for small enterprises, making a significant impact on the local economy.
Key Takeaways
- PMMY has transformed India's entrepreneurial landscape.
- Bihar's Bhagalpur sees extensive implementation of the scheme.
- Beneficiaries report significant business growth.
- New loan limits aim to support aspiring entrepreneurs.
- PMMY celebrates its 10th anniversary with over 52 crore accounts opened.
Bhagalpur, April 7 (NationPress) The Pradhan Mantri Mudra Yojana (PMMY), initiated by the Central government in 2015, has remarkably altered the entrepreneurial framework throughout India. This initiative focuses on offering financial support to small and micro-enterprises, empowering numerous individuals to launch and grow their businesses.
In Bihar's Bhagalpur, the PMMY is being rolled out extensively, with many recipients successfully obtaining loans from different banks via the lead bank. Beneficiaries have shown their appreciation for the program, emphasizing how it has aided in the advancement of their enterprises. Several individuals in Bhagalpur have secured Mudra loans surpassing Rs 5 lakh, utilizing the funds to create a variety of businesses.
IANS interviewed several beneficiaries of the scheme.
Manish Bhagat, a PMMY beneficiary from Bhagalpur, recounted his experience, stating: "The Mudra loan provided by the government has been tremendously beneficial for us. It has alleviated the hurdles of launching a business. Initially, I encountered issues, but with a loan of Rs 5 lakh, everything became much more manageable. The application process was straightforward; I applied online, submitted the necessary documents, and the loan was approved quickly. I genuinely thank PM Modi for this excellent initiative."
Rajiv Pradeep, another beneficiary, remarked: "I availed a loan of Rs 5 lakh from the Mudra scheme three years back. The process was seamless, needing minimal paperwork and no collateral. Within a week, the loan was sanctioned, allowing me to kick off my business. This financial assistance has profoundly impacted my life, and I am extremely thankful to PM Modi for this scheme."
Nanak Kumar, who runs an ice cream parlour in Bhagalpur, stated, "Under the PMMY, I acquired a loan of Rs 6 lakh, which facilitated the expansion of my business. I am grateful to the bank, the RBI, and most importantly, Prime Minister Narendra Modi, for launching this initiative. It has afforded small traders like myself opportunities to flourish, and my life has improved significantly."
As the PMMY nears its 10th anniversary on April 8, the scheme has facilitated the opening of over 52 crore accounts across the nation. It presents three loan tiers: Shishu (up to Rs 50,000), Kishore (from Rs 50,000 to Rs 5 lakh), and Tarun (from Rs 5 lakh to Rs 10 lakh). The newly introduced Tarun Plus category offers loans between Rs 10 lakh and Rs 20 lakh for beneficiaries who have successfully repaid previous loans.
Launched by Prime Minister Narendra Modi on April 8, 2015, the PMMY has been pivotal in empowering non-corporate, non-farm small and micro enterprises, providing loans up to Rs 10 lakh. Recently, the Finance Minister announced an increase in the loan limit to Rs 20 lakh during the Union Budget 2024-25, effective from October 24, 2024. This adjustment is intended to further bolster aspiring entrepreneurs and enhance India’s small business ecosystem.
