Bihar: Pradhan Mantri Mudra Yojana empowers small business owners in Bhagalpur

Bhagalpur, April 7 (IANS) The Pradhan Mantri Mudra Yojana (PMMY), launched by the Central government in 2015, has significantly transformed the entrepreneurial landscape across India. Aimed at providing financial assistance to small and micro-enterprises, the scheme has empowered countless individuals to start and expand their businesses.

In Bihar's Bhagalpur, the PMMY is being implemented on a large scale, with many beneficiaries successfully securing loans from various banks through the lead bank. Beneficiaries have expressed their gratitude for the scheme, highlighting how it has facilitated the growth of their businesses. Several individuals in Bhagalpur have taken Mudra loans exceeding Rs 5 lakh, using the funds to establish diverse ventures.

IANS spoke to some of the beneficiaries of the scheme.

Manish Bhagat, a PMMY beneficiary from Bhagalpur, shared his experience, saying: "The Mudra loan provided by the government has been a huge support for us. It has eased the challenges of starting a business. Initially, I faced difficulties, but with a loan of Rs 5 lakh, things became much easier. The process was simple; I applied online, submitted the required documents, and the loan was sanctioned swiftly. I sincerely thank PM Modi for this wonderful initiative."

Rajiv Pradeep, another beneficiary, said: "I took a loan of Rs 5 lakh from the Mudra scheme three years ago. The process was hassle-free, requiring minimal documentation and no collateral. Within a week, the loan was approved, helping me kickstart my business. This financial support has made a significant difference, and I am immensely grateful to PM Modi for this scheme."

Nanak Kumar, who operates an ice cream parlour in Bhagalpur, said, "Under the PMMY, I secured a loan of Rs 6 lakh, which enabled me to expand my business. Thanks to the bank, the RBI, and most importantly, Prime Minister Narendra Modi, for introducing this scheme. It has provided small traders like me with opportunities to grow, and my life has changed for the better."

As the PMMY approaches its 10th anniversary on April 8, the scheme has opened over 52 crore accounts nationwide. It offers three categories of loans: Shishu (up to Rs 50,000), Kishore (above Rs 50,000 and up to Rs 5 lakh), and Tarun (above Rs 5 lakh and up to Rs 10 lakh). The recently introduced Tarun Plus category provides loans ranging from Rs 10 lakh to Rs 20 lakh for beneficiaries who have successfully repaid earlier loans.

Launched by Prime Minister Narendra Modi on April 8, 2015, the PMMY has played a crucial role in empowering non-corporate, non-farm small and micro enterprises, offering loans up to Rs 10 lakh. In a recent move, the Finance Minister announced an increase in the loan limit to Rs 20 lakh during the Union Budget 2024-25, effective from October 24, 2024. This change aims to further support aspiring entrepreneurs and strengthen India’s small business ecosystem.

--IANS

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