MUDRA Yojana generates 5.5 cr jobs, says report

Updated: Fri, Sep 08, 2017
10:19 pm
PTI
RELATED NEWS
Exclusive: Private equity firms circling Nestle's skin health business - sources Exclusive: Private equity firms circling Nestle's skin health business - sources
Analysis: As outlook darkens, central banks think hard about their language Analysis: As outlook darkens, central banks think hard about their language
Emerging economies facing headwinds from weaker capital flows, currency dips: Gopinath Emerging economies facing headwinds from weaker capital flows, currency dips: Gopinath
RBI proposes to relax norms for new players' entry in retail payment RBI proposes to relax norms for new players' entry in retail payment

The Pradhan Mantri MUDRA Yojana (PMMY), which provides access to institutional finance to small business units, has helped in creating 5.5 crore jobs with industrialised states being major beneficiaries, a report said.

Industrialised states like Karnataka, Tamil Nadu and Maharashtra have been the biggest beneficiaries of the PMMY, it said.

The MUDRA scheme was launched by Prime Minister Narendra Modi on April 8, 2015 with an objective to fund the unfunded.

So far, Rs 3.42 lakh crore loan has been disbursed to over 8 crore people under the scheme, mostly small entrepreneurs, a report by SKOCH said.

A substantial number of these people are those who were not involved in any kind of business before. MUDRA loan is available for non-agricultural activities for up to Rs 10 lakh. Activities allied to agriculture, such as dairy, poultry, bee-keeping etc, are also covered.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)