Prime Minister Narendra Modi marked the 10-year milestone of the Pradhan Mantri Mudra Yojana (PMMY) by personally interacting with beneficiaries at his residence in Delhi. Calling the scheme a game-changer, PM Narendra Modi heard stories of transformation from individuals who credited the initiative for helping them become successful entrepreneurs. The event, which was also broadcast, reflected the wide-reaching impact of the government’s flagship loan scheme, which has so far sanctioned over ₹33.65 lakh crore in loans across the country.
From Overseas Worker to Entrepreneur
Among the beneficiaries was a man from Kerala who had returned from the UAE and turned into a thriving entrepreneur with the help of a Mudra loan. He shared how the scheme empowered him to launch a business in India and provide job opportunities to others. PM Narendra Modi, while listening intently, asked about his family’s reaction to his decision to move back to India, prompting a smile and a heartfelt response from the entrepreneur.
Another inspiring story came from Lavkush Mehra, a young man from Bhopal, Madhya Pradesh, who went from being an employee to a business owner. With support from the Mudra scheme, his business turnover grew from ₹12 lakh in the first year to over ₹50 lakh today. Stories like these highlighted how small, collateral-free loans can act as a catalyst for major economic and personal transformations.
Loans Without Guarantees Empowering the Masses
During the event, PM Narendra Modi underscored the scale and inclusiveness of the scheme. “Thirty-three lakh crore rupees have been given to people without any guarantee. You often hear this is a government for the rich. But even if you add up all the loans given to the rich, it won’t come close,” he said, defending the scheme’s grassroots reach.
The Prime Minister also pointed out that a significant number of beneficiaries are women and youth, and emphasized that when India’s young minds are given even a little support, the outcomes can be remarkable.
Launched in 2015, the PMMY aims to offer collateral-free institutional credit to non-corporate, non-farm small and micro enterprises. Loans are given under three categories—Shishu (up to ₹50,000), Kishore (₹50,000 to ₹5 lakh), and Tarun (₹5 lakh to ₹20 lakh). So far, over 52 crore loans have been sanctioned, with nearly 20 percent going to first-time borrowers.
