Empowering Entrepreneurship: Gujarat's PM Mudra Yojana Success

Since 2020, the Pradhan Mantri Mudra Yojana has disbursed Rs70,051 crore in loans in Gujarat, fostering social inclusion and economic independence. With a significant rise in loan sanctions and new accounts, the scheme supports small traders and startups. Nationwide, it has generated over 11.10 crore jobs, benefiting marginalized communities.

Between the financial years 2020-21 and 2024-25, a substantial Rs70,051 crore in loans has been disbursed in Gujarat under the Pradhan Mantri Mudra Yojana, according to a state government press release. Launched on April 8, 2015, by Prime Minister Narendra Modi, the scheme aims to facilitate access to institutional credit for micro, small, and medium enterprises across India. It focuses on empowering small traders, startups, and entrepreneurs by providing financial assistance essential for expanding their enterprises. The Gujarat government has confirmed the extensive implementation of the scheme within the state.

In a recent interaction with the scheme's beneficiaries, Prime Minister Modi highlighted that over the past decade, the PM Mudra Yojana had sanctioned collateral-free loans exceeding Rs33 lakh crore, thereby promoting both social inclusion and economic independence. The state's number of accounts under the scheme increased markedly from 1.42 crore in 2020-21 to 1.95 crore by 2023-24, with 80.5 lakh new accounts being registered in the current financial year up to November 2024.

Loan sanctions under the scheme in Gujarat saw a notable increase, rising from Rs11,239 crore in 2020-21 to Rs19,607 crore by 2023-24, marking a 74% growth. By November 2024, the 2024-25 financial year had already seen Rs9,708 crore disbursed in loans. A NITI Aayog report attributes the creation of over 11.10 crore jobs nationwide to the scheme, with 47% of these involving SC, ST, and OBC communities and most employment generated within the manufacturing, trading, and service sectors.

(With inputs from agencies.)