Mudra Yojana benefits women, youth; fosters entrepreneurship, says PM Modi

Delhi: As the Pradhan Mantri Mudra Yojana completed 10 years of implementation, Prime Minister Narendra Modi celebrated the occasion by interacting with scheme beneficiaries today at 7 Lok Kalyan Marg in Delhi.
He extended his heartfelt gratitude to all attendees, emphasizing the cultural significance of welcoming guests and the sanctity their presence brings to a home. He invited participants to share their experiences.
PM Modi, interacting with a beneficiary who has turned into a pet supplies, medicines, and services entrepreneur, highlighted the importance of expressing gratitude to those who believed in one's potential during challenging times. He asked the beneficiary to invite the bank officials who had approved loans and showcase the progress made due to the loan. He also emphasized that such actions would not only acknowledge their trust but also inspire confidence in their decision to support individuals who dared to dream big. He further noted that demonstrating the outcomes of their support would undoubtedly make them feel proud of their contribution to fostering growth and success.
Speaking to Gopi Krishna, an entrepreneur from Kerala, the Prime Minister highlighted the transformative impact of the Pradhan Mantri Mudra Yojana, which enabled him to transition into a successful entrepreneur, focusing on renewable energy solutions for households and offices while creating job opportunities. He noted the beneficiary's journey after deciding to resign from his company in Dubai upon learning about the Mudra Loan. He noted that the solar installations under the PM Surya Ghar initiative were completed within two days. He also heard about the reactions of beneficiaries of the PM Surya Ghar initiative, noting that households in Kerala now enjoy free electricity despite challenges such as heavy rainfall and dense tree cover. Krishna remarked that electricity bills, previously around Rs. 3,000, have now reduced to Rs. 240 to 250, while his monthly earnings have reached Rs. 2.5 lakh and above.
PM Modi further interacted with a female entrepreneur and the founder of House of Puchka from Raipur, Chhattisgarh, who shared her inspiring journey from cooking at home to establishing a successful cafe business. She said that research into profit margins and food cost management played a crucial role in this entrepreneurial success. She further added that there is fear in the minds of the youth, stating that many prefer settling into jobs rather than taking risks. The Prime Minister, in response, highlighted the importance of risk-taking capacity and shared that the founder of House of Puchka, at the age of 23, leveraged her ability to take risks and her time effectively to build her business. The beneficiary remarked on the discussions among friends from Raipur, the corporate world, and students, noting their curiosity and questions about entrepreneurship. She further highlighted the lack of awareness among youth regarding government schemes that provide funding without requiring collateral. She expressed gratitude that schemes like Mudra Loan and PMEGP Loan offer significant opportunities for those with potential and encouraged the youth to research these schemes and take bold steps, stating that the sky has no limits for those willing to grow and succeed.
Another beneficiary, Mudassir Naqshbandi, the owner of Bake My Cake in Baramulla, Kashmir, shared his journey of transitioning from being a job seeker to a job creator, adding that he has provided stable employment to 42 individuals from remote areas of Baramulla. The Prime Minister enquired about his earnings before receiving the MUDRA loan, to which Mudassir replied that his earnings were in thousands, but his entrepreneurial journey has now elevated him to earning in lakhs and crores. The prime minister acknowledged the widespread use of UPI in Mudassir's business operations. He noted Mudassir's observation that 90 per cent of transactions are conducted through UPI, leaving only 10 per cent of cash in hand.
PM Modi then heard the inspiring journey of Suresh, who transitioned from a job in Vapi to becoming a successful entrepreneur in Silvassa. Suresh said that in 2022, he realized that a job alone would not suffice and decided to start his own business. He added that with my success, some friends are now considering applying for Mudra Loans to start their own ventures. The PM emphasized the ripple effect of such success stories in motivating others to take bold steps toward entrepreneurship.
A woman entrepreneur from Raebareli expressed her gratitude for the support extended to MSMEs under his leadership. She remarked on the ease of obtaining licenses and funding, which were previously challenging, and pledged to contribute to building a developed India. PM Modi acknowledged her emotional testimony and noted her success in running a bakery business with a monthly turnover of Rs. 2.5 to 3 lakh, providing employment to seven to eight individuals.
Lavkush Mehra from Bhopal, Madhya Pradesh, started his pharmaceutical business in 2021 with an initial loan of Rs. 5 lakh. Despite initial apprehensions, he expanded his loan to Rs. 9.5 lakh and achieved a turnover of over Rs. 50 lakh, up from Rs. 12 lakh in the first year. The Prime Minister emphasized that the Mudra Yojana is not limited to any specific group but aims to empower the youth to stand on their own feet. He remarked on Lavkush's recent achievements, including purchasing a house worth Rs. 34 lakh and earning over Rs. 1.5 lakh per month, a significant leap from his previous job earning Rs. 60,000 to 70,000. The PM congratulated him and acknowledged the role of hard work in achieving success. He also urged the beneficiaries to spread the word about the MUDRA loan and its benefits to people further.
He then heard the inspiring journey of a young entrepreneur from Bhavnagar, Gujarat, who founded Aditya Lab at the age of 21. The entrepreneur, a final-year Mechatronics student, successfully utilized a Rs. 2 lakh Mudra Loan under the Kishor category to start a business in 3D printing, reverse engineering, rapid prototyping, and robotics. PM Modi noted the entrepreneur's dedication, balancing college on weekdays and business operations on weekends, earning Rs. 30,000 to 35,000 monthly while working remotely with support from family.
A woman entrepreneur from Manali shared her story of working in a vegetable market to running a successful business. She said that she started with a Rs. 2.5 lakh Mudra Loan in 2015-16, which she repaid within two and a half years. With subsequent loans of Rs. 5 lakh, 10 lakh, and 15 lakh, she expanded her business from a vegetable shop to a ration shop, achieving an annual income of Rs. 10 to 15 lakh. PM Modi commended their determination and the positive impact of the Mudra Yojana in empowering entrepreneurs across the country.
He further heard the inspiring journey of a woman entrepreneur from Andhra Pradesh who transitioned from being a housewife to running a successful business in jute bags. She remarked that after receiving training at the Rural Self-Employment Training Institute in 2019, she secured a Rs. 2 lakh Mudra Loan from Canara Bank without any collateral. The Prime Minister noted her determination and the bank's trust in her potential. He acknowledged her dual role as a jute faculty member and entrepreneur, commending her efforts in empowering rural women through employment and skill development. He remarked on the transformative impact of the Mudra Yojana in fostering entrepreneurship and self-reliance.
He highlighted the transformative impact of the Mudra Yojana on empowering citizens, particularly women, and fostering entrepreneurship across India. He emphasized how the scheme has provided financial support to individuals from marginalized and economically disadvantaged backgrounds, enabling them to start their own businesses without requiring guarantees or extensive paperwork. PM Modi remarked on the silent revolution brought about by Mudra Yojana, noting the significant shift in societal attitudes towards entrepreneurship. He underlined that the scheme has empowered women by not only offering financial assistance but also creating opportunities for them to lead and grow their businesses. He pointed out that women are among the highest beneficiaries of the scheme, leading in loan applications, approvals, and swift repayments.
The Prime Minister highlighted the discipline instilled in individuals through the responsible utilization of Mudra loans. He remarked that the scheme provides an opportunity to build lives and careers while discouraging misuse of funds or unproductive efforts. The Prime Minister pointed out that Rs. 33 lakh crore has been disbursed to the citizens of India under the Mudra Yojana without the need for guarantees. He emphasized that this amount is unprecedented and surpasses any financial support extended to wealthy individuals collectively. He expressed his trust in the nation's talented youth who have utilized the funds effectively to generate employment and stimulate the economy.
PM remarked that job creation through Mudra Yojana has significantly contributed to economic growth. He observed that the earnings of common citizens have increased, enabling them to improve their living standards and invest in education for their children. He acknowledged the societal benefits brought by the scheme.
Reflecting on the government's commitment, the Prime Minister noted that unlike traditional approaches, his administration is actively seeking feedback after 10 years of the scheme's implementation. He stressed the importance of reviewing the scheme's progress by consulting beneficiaries and groups nationwide, identifying opportunities for improvement, and implementing necessary reforms for further success.
Highlighting the remarkable confidence displayed by the government in expanding the scope of Mudra loans, which initially ranged from Rs. 50,000 to 5 lakh, to now reaching Rs. 20 lakh, PM Modi noted that this expansion reflects the trust placed in the entrepreneurial spirit and capabilities of India's citizens, which has strengthened through the successful implementation of the scheme.
Emphasising the importance of encouraging others to leverage the Mudra Yojana and start their own ventures, he urged individuals to inspire and support at least five to ten others, fostering confidence and self-reliance among them. He highlighted that 52 crore loans have been disbursed under the scheme, a monumental achievement unparalleled globally.
Recalling his tenure in Gujarat, he mentioned the "Garib Kalyan Mela," where motivational street plays inspired people to overcome poverty. The PM shared an anecdote about individuals surrendering their government benefits after achieving financial independence, showcasing their transformation. He narrated an inspiring story of a tribal group in Gujarat who, with a small loan, transitioned from performing traditional music to forming a professional band. This initiative not only improved their financial status but also highlighted how small efforts can lead to significant changes. He remarked that such stories of transformation inspire him and reflect the potential of collective efforts in nation-building.
PM Modi reiterated his belief in the Mudra Yojana as a tool to study and address people's aspirations and circumstances. He expressed confidence in the scheme's success and urged beneficiaries to give back to society, emphasizing the satisfaction derived from contributing to the community.
The Union Minister of State for Finance, Pankaj Chaudhary was present during the interaction.