The Pradhan Mantri Mudra Yojana completed 11 years on April 8.

The Pradhan Mantri Mudra Yojana completed 11 years on April 8.

• It was launched on April 8, 2015. This scheme is a flagship program of the Government of India.
• It provides assistance to micro-enterprises and small businesses that lack access to formal credit.
• It eliminated the requirement for collateral. It also simplified the loan application process.
• This fostered entrepreneurship at the grassroots level. Over time, it strengthened financial inclusion. It also encouraged local innovation.
• The scheme offered an alternative to traditional credit systems.
• It assisted borrowers who previously faced difficulties in obtaining loans.
• Nirmala Sitharaman lauded the impact of this scheme. She stated that it has completely transformed access to credit for MSMEs. It has also provided support to individual entrepreneurs.
• This scheme supports the vision of a 'Developed India' by 2047.
• Approximately 58 crore loans have been sanctioned. The value of these loans exceeds ₹40 lakh crore.
• Approximately two-thirds of the beneficiaries are women. About one-fifth of the beneficiaries are entrepreneurs starting a business for the first time.
• The scheme provides collateral-free loans of up to ₹20 lakh.
• The loans are categorized into four segments: Shishu, Kishore, Tarun, and Tarun Plus. These categories represent different stages of business growth.