'MUDRA has created 3.50 crore new entrepreneurs'
The Pradhan Mantri Mudra Yojana, called in short as MUDRA, has been touted to be one of the biggest employment-generating schemes in India. Recently Prime Minister Narendra Modi claimed that it has created income opportunities to crores of people.
As per the latest figures, from 2015-16 to 2017-18, as many as 12.27 crore loans were sanctioned under MUDRA. Out of these, 3.49 crore were new entrepreneurs, says a PIB release.
"Under the popular scheme, collateral-free loans are extended by Banks, Non-Banking Financial Companies and Micro Finance Institutions to Small/Micro business enterprises and individuals in the non-agricultural sector to enable them to set up or expand their business activities and to generate self-employment," notes an official document.