Karnataka: Pradhan Mantri Mudra Yojana Transforms Lives of Entrepreneurs in Tumakuru
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Synopsis
In Tumakuru, Karnataka, beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY) are experiencing profound changes in their lives through financial support. Stories like that of Venkatesh, who turned his life around with a food supply business, exemplify the scheme's impact on local entrepreneurship and economic development.
Key Takeaways
- PMMY empowers entrepreneurs with collateral-free loans.
- Loan categories: Shishu, Kishor, and Tarun for various business stages.
- Venkatesh's story showcases the scheme's transformative potential.
- Over 52 crore loans sanctioned, fueling economic growth.
- Shift from job seekers to job creators in small towns.
Tumakuru (Karnataka), April 17 (NationPress) In the district of Tumakuru, Karnataka, participants of the Pradhan Mantri Mudra Yojana (PMMY) have significantly improved their lives and attained financial stability through the loans offered by this initiative.
One notable beneficiary, Venkatesh, recounted his journey to IANS.
Having previously worked at a small shop, he lacked a business of his own. After discovering the PMMY, he applied for a loan, which was sanctioned in just 15 days. This financial aid allowed him to establish a food supply business. He now consistently pays his loan installments, and his enterprise has flourished, with annual transactions nearing Rs 2 crore. Venkatesh expressed profound appreciation for the scheme, attributing his path to financial independence and success to it.
This narrative is just one illustration of how the PM Mudra Yojana is nurturing entrepreneurship and driving economic advancement in Tumakuru.
Initiated in 2015, the PMMY has been pivotal in promoting grassroots entrepreneurship by extending collateral-free loans to micro and small enterprises. It empowers individuals from economically disadvantaged backgrounds to chase their entrepreneurial aspirations without the requirement of providing security or assets as collateral.
The scheme categorizes loans into three segments: Shishu (up to Rs 50,000), Kishor (Rs 50,001 to Rs 5 lakh), and Tarun (Rs 5 lakh to Rs 10 lakh), catering to businesses at various stages of development.
Over time, the PMMY has been crucial in enhancing financial inclusion, fostering job creation, and contributing to both local and national economic growth. The success stories of beneficiaries throughout India, including those in Tumakuru, underscore its enduring impact.
The PMMY recently celebrated its 10th anniversary on April 8, with thousands of beneficiaries from underprivileged backgrounds coming forward to share how the scheme has profoundly transformed their lives, granting them hope, dignity, and sustainable livelihoods.
The PMMY has approved over 52 crore loans valued at Rs 32.61 lakh crore, igniting a nationwide entrepreneurial movement. Business expansion is no longer limited to major cities—it is reaching small towns and villages, where first-time entrepreneurs are taking control of their futures. This shift in mindset is clear: individuals are evolving from job seekers to job creators.
