From Vision to Reality: Insights from Union Budget 2024's Mudra Yojana

Under the PM Mudra Yojana, 43 crore loans totaling ₹22.5 lakh crore have been extended by the government.

2 min read

Over the course of life, as we pursue our dreams with determination and resilience, there exists a parallel journey towards empowerment and freedom. It's a journey where dreams take flight, aspirations find wings and barriers dissolve into opportunities. With the motive to empower this journey, the Mudra Yojana scheme stands as a hope, illuminating the path for lakhs of women in India towards financial independence.

With the recent disbursement of more than 30 crore loans to women, a strong move has been made in Union Budget 2024 to create a new era of women empowerment. Let’s delve into the scheme to gauge a better understanding of its features.

What is the Mudra Yojana?

The Mudra Yojana, officially known as the Pradhan Mantri Mudra Yojana (PMMY), was launched in 2015 by the Government of India. Its primary objective is to provide financial support to micro and small enterprises, including women-owned businesses. The scheme operates through banks, non-banking financial companies (NBFCs) and microfinance institutions. The scheme has approved 43 crore loans totaling Rs. 22.5 lakh crore to support the dreams of the country's young entrepreneurs. Out of these, 30 crore loans have been specifically provided to women entrepreneurs. Businesswomen, who often face barriers in accessing credit, will find a lifeline through this scheme.

Driving Inclusive Growth Across Sectors

The Mudra Yojana ensures that women entrepreneurs from all backgrounds benefit from its support. Women-owned businesses like retail shops, beauty salons and service providers receive important financial assistance. These businesses not only contribute to India’s economy but also enrich the social fabric of local communities. In rural areas, women play a crucial role in organic farming and animal husbandry. The Mudra Yojana enables them to invest in essential resources like equipment, seeds and livestock. Furthermore, women-led startups in technology, e-commerce and digital services also thrive under this scheme. Plus, women artisans and entrepreneurs can now access funds to enhance their production capabilities and expand their businesses.

Empowering Women for a Secure Future

It's important to understand how empowering women entrepreneurs can help them secure their financial future. When women gain financial independence, it not only makes them stronger but also makes our economy stronger. Programs like Mudra Yojana are really important as it makes it easier for women to succeed as business owners.

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Look at some of its key features:

  • Pay once or for a limited term and enjoy life insurance cover for the full policy term.

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A Decade of Momentum

Over the last 10 years, the government's dedication to empowering women has grown stronger. As more women become entrepreneurs, they not only improve their own lives but also bring positive change to their communities and the entire country. Let's continue to back and promote women entrepreneurs, striving for a better future for everyone.

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