Tamil Nadu: A Pradhan Mantri Mudra Yojana Beneficiary's Inspiring Journey
Click to start listening
Synopsis
This article highlights the success story of Satish, a small business owner in Tamil Nadu, who benefited from the Pradhan Mantri Mudra Yojana (PMMY). The scheme, launched in 2015, aims to support small enterprises with loans, enabling their growth and expansion.
Key Takeaways
- PMMY supports small businesses with loans.
- Satish expanded his furniture shop with PMMY loans.
- Initial loan: Rs 50,000, now Rs 2 lakh.
- Over 52 crore accounts opened since launch.
- Loan categories include Shishu, Kishore, and Tarun.
Tiruvallur, April 4 (NationPress) In 2015, the Central Government introduced the Pradhan Mantri Mudra Yojana (PMMY) to facilitate loans for small and micro-enterprises. This initiative aims to offer financial support to small businesses, allowing them to thrive and develop.
Satish, the proprietor of a furniture shop located in Avadi, Tamil Nadu, is one of the beneficiaries of this program.
IANS interviewed Satish regarding his journey with the PMMY scheme. He recounted that he had been operating a modest furniture shop for more than a decade but faced challenges in scaling his business due to financial limitations.
Attempts to secure a loan from banks were unsuccessful. However, upon discovering the PMMY scheme, he was able to obtain a loan with a lower interest rate.
Satish conveyed his appreciation to the Central Government for initiating this program, which has greatly aided him in expanding his business. He encouraged fellow small business owners to leverage this scheme, highlighting its immense benefits.
Initially, Satish received a loan of Rs 50,000, which was later raised to Rs 1 lakh. Currently, he has secured a loan of up to Rs 2 lakh through the PMMY scheme.
Satish's success story exemplifies the positive impact of the PMMY scheme in fostering small businesses and encouraging entrepreneurship.
On April 8, the PMMY will celebrate its 10th anniversary. Over this period, more than 52 crore accounts have been established under the initiative. The program provides three loan categories: Shishu (up to Rs 50,000), Kishore (above Rs 50,000 and up to Rs 5 lakh), and Tarun (above Rs 5 lakh and up to Rs 10 lakh). Furthermore, the Tarun Plus category offers loans exceeding Rs 10 lakh and up to Rs 20 lakh, specifically for Tarun beneficiaries who have successfully repaid their previous loans.
Launched by the Prime Minister on April 8, 2015, the PMMY has been instrumental in empowering non-corporate, non-farm small and micro enterprises by granting loans of up to Rs 10 lakh. To further support aspiring entrepreneurs, the Finance Minister announced an elevation in the loan limit to Rs 20 lakh during the Union Budget 2024-25 on July 23, 2024. This revised limit will take effect on October 24, 2024.
