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VOL. 5, ISSUE 3 (2023)
Impact of mudra yojana on the promotion of entrepreneurship in India
Authors
Praveen Kumar, Nand Lal Sahu
Abstract
On April 8, 2015, our esteemed Prime Minister
Shri Narendra Modi founded the Micro Unit's Development and Refinance Agency
Limited (MUDRA) to help banks, microfinance organizations, non-banking
organizations, and other small businesses and individuals in extending loans
and promoting their entrepreneurial end eavours. The Mudra loan covers three of
the schemes: Shishu, Kishor, and Tarun. This study clarifies the features of
the Mudra Loan, its primary advantages and disadvantages, whether it has
facilitated self-employment, and the overall population that has used it in
recent years. In fact, Mudra has boosted business, especially among young
people who represent the nation's future and can lead it to a developed stage.
The timely and easy accessibility of finance for these small firms has long
been a top priority for the government. Banks find it difficult to make loans
to the non-corporate sector because a substantial chunk of it runs as
unregistered enterprises. The Pradhan Mantri Mudra Yojana was therefore
established by the government as an essential step in providing simple
financial assistance for the expansion and development of India's self-employed
sector. This program's objective is to combat the issue of scarcity and
underfunding by offering small company owners financial support of up to 10
lakhs so they may run their companies, enjoy growth, and boost the GDP of the
country. The effectiveness of PMMY's promotion of entrepreneurship in India is
the basis for this study's evaluation of its performance. Numerous initiatives
and services provided by this yojana are also looked into in India.
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Pages:27-31
How to cite this article:
Praveen Kumar, Nand Lal Sahu "Impact of mudra yojana on the promotion of entrepreneurship in India". International Journal of Finance and Commerce, Vol 5, Issue 3, 2023, Pages 27-31
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