About the Pradhan Mantri Mudra Yojana:-
This is a government scheme launched by the government of our country, under Prime Minister Shree Narendra Modi. Pradhan Mantri Mudra Yojana was launched on 8th April, 2015. The ministry which was responsible for this is Ministry of Finance. The scheme of Pradhan Mantri Mudra Yojana is with the primary objective to provide loans to some sectors. The Chairman and the managing director of this scheme is Shri S Ramann. The full form of the Term MUDRA is this whole scheme name, is Micro Units Development and Refinance Agency. This scheme was launched with an objective of financing the MSMEs which are Micro Small and Medium Enterprises.
This Pradhan Mantri Mudra Loan is divided into the three different product loans such as Shishu, Kishore and Tarun which symbolize a young age of growth and development. Many banks can provide you with this facility namely, Commercial Bank, Regional Rural Banks, Small Finance Bank, Micro-Finance Institutions and Non-banking financial companies. The parent organization responsible for this is Small Industries Development Bank of India.
The three categories of Loans are:-
Shishu:- Under this borrowers can claim a loan upto 50,000 rupees.
Kishore:- Under this borrowers can claim a loan upto 50,000 rupees to 5 Lakhs rupees.
Tarun:- Under this borrowers can claim a loan upto 5 Lakhs to 10 Lakhs rupees.
Aims and Objectives:- Pradhan Mantri Mudra Yojana is a scheme which was launched to provide loans to the non-corporate, non-farm small and micro enterprises of the country with the following aims and objectives in mind. Here are some of these Aims and Objective written below:-
- To encourage people to start business and boost the economy of the country, which will help in the all over development of the nation too.
- To support the firms who are in an immediate need of capital especially in sectors which have more scope in India like Manufacturing, processing and trading. This way the people who want to do business in this category can do without the worry unnecessary for the capital.
- When more businesses will get established this will create a more job opportunities for the employees and the youth. Which will ultimately help in increasing our GDP of the country.
- Making the process of transfer of money more digitalized and this will help in reaching the money to people who are starting with or already have a micro or small industry and this will show the technological change and reform in the country.
Eligibility Criteria:- In any of the scheme offered by the government of India, there are some of the eligibility criterias which needs to be matched before giving the benefit of the scheme of Mudra Yojana. These are written below:-
- He or She must be a citizen of India.
- The sectors which are only required for this scheme enrollment are:-
-Manufacturing
-Trade
-Processing
-Service Sector
3. The credit demand of upto 10 Lakhs rupees only.
The Indian citizens who are enrolled under this scheme need to approach the MFI banks and NBFC banks to avail these loans.
Progress:- The scheme launched by the government which is Pradhan Mantri Mudra Yojana, have made some progresses in our country economically. Below are written some of the facts which will be helpful in analyzing the progress report of Mudra Yojana.
- In the financial year of 2015 to 2016, the number of PMMY Loans Sanctioned is 34880924.
- In the financial year of 2016 to 2017, the number of PMMY Loans Sanctioned are 39701047.
- In the financial Year of 2017 to 2018, the number of PMMY Loans Sanctioned are 48130593.
- In the Financial Year of 2018 to 2019, the number of PMMY loans Sanctioned are 59870318.
- In the Financial Year of 2019 to 2020, the number of PMMY loans Sanctioned are 62247606.
- In the Financial Year of 2020 to 2021, the number of PMMY loans Sanctioned are 50735046.
- In the Financial Year of 2021 to 2022, the number of PMMY loans Sanctioned are 53795526.
- In the Financial Year of 2022 to 2023, the number of PMMY loans Sanctioned are 62310598.
- In the Financial Year of 2023 to 2024 , the number of PMMY loans Sanctioned are 66777011.
This shows how many people have started taking the help of the Pradhan Mantri Mudra scheme and invested these money in the capital for setting up the business or an industry. This is a helpful effort in considering the progress of the above written report which shows how today in India, government is giving an encouragement to the business culture not only persuading in the mindset of the people but also launching scheme like Pradhan Mantri Mudra Yojana, which helpful in arranging capital for the people who don’t have much financial background.
Current status:-
Even today, to this scheme is functional and people are getting it’s advantage. The correct result will come after this financial year of 2024 to 2025.
Way Forward:-
The efforts of launching such schemes to help people in launching their business is very commendable but side by side we need to work on all these things mentioned below:-
- Mindset promoting:- Government need to take initiative to influence and persuade the coming generation to start doing the business. In these institutions like schools and colleges can definitely help in making such mindset in the youth, and the less dependence on government jobs.
- Skill training programs:- skills training should be done from college but from school only. Less focus on the theories and more on its application should be encouraged. There should be some soft skills coaches and hard skills coaches in these institutions so that children can be encouraged to have a skill learn it and becoming a competent employee in future.
- Youth should be encouraged in manufacturing related industries and making a list of things which India is importing from outside the country and trying to making it ourselves and to become more self-reliant. India is also seeing a good potential in web 3 and blockchain industries. Students need to have some basic information about these new technologies which can prove game changer in the coming time.