Prime Minister Narendra Modi on Tuesday interacted with the beneficiaries of ‘Pradhan Mantri MUDRA Yojana’ (PMMY) through his ‘Narendra Modi’ mobile application and said that the scheme helped the government in ending the "license raj" and "middlemen" culture of the country.
"We have been facing the problem of license raj in our country since Independence. But the scheme has helped remove middlemen," he said.
During the interaction, Modi said that Mudra Yojna opened up new opportunities for our youth and women and was acting as “job multiplier”.
“Mudra Yojna has opened up new opportunities for our youth, women and those who wanted to start or spread their businesses. Not only this, Mudra Yojna is also acting as a job multiplier,” the prime minister said.
The Pradhan Mantri MUDRA Yojana scheme was launched in 2015 by Modi with an aim to develop India’s micro enterprises sector by providing loans up to Rs 10 lakh to the people aspiring to start their own business.
The banks provide loans to the people under three categories — Shishu, Kishore and Tarun — which signifies the funding needs of the loan seeker.
According to the government claims, 12 crore loans have been sanctioned in the last three years and 75 per cent of these loans were disbursed to youth and women. Over 28 per cent of the beneficiaries were first-time entrepreneurs.
“Mudra is an initiative for people who want to achieve something in life. We extended belief in their dreams, skill and business ideas. We tried to empower them to bring their products to the market,” the prime minister added.