MUDRA: Fulfilling the dreams of millions
Kiran, an entrepreneur from Indore runs a very successful business from her house. Her home business has doubled her income and has given her an opportunity to look after her family without struggling to maintain a job outside.
This, however, was not always the scenario.
The driving force behind her success is her determination to do something for herself and the significant push she received through MUDRA Yojana.
MUDRA is an initiative that meets the financing needs of non-corporate small business units of the country. Supporting small entrepreneurs/artisans/skilled workers by providing them credit without the need for a guarantor or collateral, MUDRA offers citizens a medium through which they can turn their aspirations into reality.
In 2014, the country witnessed the beginning of a change with the launch of Jan Dhan Yojana. The initiative was an effort to bring the entire country under a financial framework as well as to support and nurture the dreams of millions. The Yojana ensures access to various financial services like availability of basic savings bank account, access to need based credit, remittances facility, insurance and pension to sections that were earlier excluded from this framework.
Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana are schemes that support and further the mission of social security and financial inclusion for all. These transformative initiatives to include all sections under the financial framework and assure social security has changed the lives of 29.58 crore people.
The Narendra Modi led government has always put the needs of the common man first. After financial inclusion, the Government saw the need to provide an eco-system that reflects and nurtures the ambitions of the country. Taking financial inclusion a step forward towards financial independence was Pradhan Mantri MUDRA Yojana. An initiative that encourages innovative minds and fulfills the persistent need of financial support.
Eradicating the need of middlemen and assuring aspiring entrepreneurs of an opportunity to nurture their dreams, Mudra was launched to offer financial assistance through low interest loans to growing businesses. The yojana is a powerful economic development initiative with an objective to provide income generating opportunities to people at the bottom of the economic pyramid.
Transforming the lives of 8.7 crore people, MUDRA has been able to streamline processes, remove lengthy procedures and build a conducive environment for growing entrepreneurs. Funding the unfunded, the yojana has gradually and surely become a medium to gain financial independence, especially for women who make up for 78% of the total beneficiaries.
The yojana provides an impetus to small businesses and independent entrepreneurs to take the plunge while assuring them of a secure support system. Encouraging millions, Mudra has been able to give citizens like Akshat and Kiran a way to change their life and the lives of others.