Public sector banks (PSBs) have written off bad loans of about Rs 5.82 lakh crore in the last five financial years, Parliament was informed on Tuesday. During 2024-25, the loan write-off of PSBs was at Rs 91,260 crore, compared to Rs 1.15 lakh crore in the previous fiscal, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Rajya Sabha.
By democratising access to finance, empowering women and marginalised groups, and adapting to India's diverse regional landscapes, PMMY has helped fortify the country's grassroots growth engines, says Chief Economic Advisor to the Government of India, V Anantha Nageswaran.
The government on Friday doubled the limit of Mudra loan amount under the Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh from Rs 10 lakh under a new 'Tarun Plus' category to promote entrepreneurship in the country.
He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the parallel economy and is bridging the gap between villages and cities on the financial services front. The prime minister also said that in the last 10 years, the fintech space has attracted investments of more than $31 billion and fintech startups have grown by 500 per cent.
Finance Minister Nirmala Sitharaman on Tuesday announced the doubling of the upper limit of Mudra loans to Rs 20 lakh to promote entrepreneurship in the country. "The limit of Mudra loans will be enhanced to Rs 20 lakh from the current Rs 10 lakh for those entrepreneurs who have availed and successfully repaid previous loans under the 'Tarun category', she said while presenting the Budget in the Lok Sabha.
Introducing the 128th Constitution Amendment Bill, which was approved by a two-thirds majority in the Lok Sabha on Wednesday, Meghwal recounted the measures initiated by the Narendra Modi government for the empowerment of women over the last nine years.
A total of 22.05 crore applications were received during the period.
This is part of the first batch of Supplementary Demands for Grants for 2020-21 moved by Finance Minister Nirmala Sitharaman in the Lok Sabha.
Entrepreneurs to get support from the government
After taking benefit of the scheme, jobs increased by around 11 mn in establishments that took loans.
Experts attribute the lower target to increased allocation under the credit guarantee scheme for small businesses. Out of the Rs 3.21 trillion worth loans sanctioned under the Pradhan Mantri Mudra Yojana (PMMY) in the last financial year, Rs 3.12 trillion were disbursed to entrepreneurs, according to official data.
MUDRA Bank will have a corpus of Rs 20,000 crore.
Former RBI governors Urjit Patel and Raghuram Rajan have also expressed worry about the Mudra scheme, particularly government's target-setting practice and the rising bad loans.
Modi said he used the 'bitter medicine' of demonetisation to bring back money into banking system.
The President said that because of the policies of the government foreign investment has increased from $36 billion to $60 billion during the period.
Not only has the Mudra loan mela generated no jobs, it has frittered away trillions of taxpayers' money and it's time to bury the scheme, argues Debashis Basu.
Addressing the nation for the fourth time since he took office in 2014, the prime minister called upon the citizens to perform their duties towards the nation and co-operate to work towards a common goal of peace, harmony and development in the country.
The Pradhan Mantri MUDRA Yojana can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.
The Union Budget 2016-17 has cheered the NBFC sector
The RBI panel has also recommended a government-sponsored 'fund of funds' of Rs 10,000 crore to support the venture capital and private equity firms investing in the MSME sector.
Alipay payment service is about bringing the world's consumers and businesses together.
President Pranab Mukherjee addressed a joint session of Parliament ahead of the budget session which began on Tuesday. Here are the highlights of President Pranab Mukherjee's speech:
The NDA govt launched the Mudra scheme to give unsecured loans of up to Rs 10 lakh to small enterprises with the objective to provide self-employment
Recently, the government announced yet another ambitious scheme aimed at providing health insurance to 50 crore individuals.
Tackling black money gets worst rating; Swachh Bharat, Digital India score poorly.
Six months after the lockdown was imposed, two dozen migrant workers were interviewed across five villages of Prayagraj. As the economy opens up, most of them are either hunting for a job or desperately waiting for a phone call from their previous employers. But the bruises of the lockdown are still fresh in their minds. Somesh Jha reports.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
There were concerns that simply opening a bank account wouldn't constitute meaningful financial inclusion, as the poor would rarely use these accounts. However, recent data submitted to Parliament attests to increased account usage, says Ishan Bakshi.
It was widely expected that this time around, the government would be less likely to initiate fresh reforms and rather loosen its belt a little to give various segments of the economy, especially the multitudes that truly constitute India, something to smile about, says Sudip Bandyopadhyay.
Pulbic banks have no reason to cheer Budget announcement.
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
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'India is doing better than when we took office 17 months ago'.
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
'The Opposition has no option but to make it an 'All versus One' fight to even think about winning.'
Here's the full text of Prime Minister Narendra Modi's address to the nation where he announced the demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight on November 8-9.
NDA government has shunned populism.
Indian economy about to take-off
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