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.
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.
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.
Entrepreneurs to get support from the government
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.
After taking benefit of the scheme, jobs increased by around 11 mn in establishments that took loans.
The Pradhan Mantri MUDRA Yojana can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.
MUDRA Bank will have a corpus of Rs 20,000 crore.
Bharatiya Janata Party National general secretary Tarun Chugh said on Sunday that the BJP government does not work for the people by asking their religion and added that they are fulfilling the message of Prophet Muhammad by empowering Muslim women.
In her address to the nation on the eve of the country's 80th Independence Day, the president stressed that just as government and society remain united to ensure national security, everyone must contribute through joint and concerted efforts to safeguard the present and future of students.
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.
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.
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.
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.
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:
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.
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
Syed Firdaus Ashraf/Rediff.com lists 11 Modi flagship schemes that may have been gamechangers in the Lok Sabha election.
Mudra Bank will be a Rs 20,000-crore institution, which would "primarily be responsible for refinancing all micro-finance institutions.
Recently, the government announced yet another ambitious scheme aimed at providing health insurance to 50 crore individuals.
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.
Prime Minister Modi has said it is their small units that drive the Indian economy.
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.
Pulbic banks have no reason to cheer Budget announcement.
Tackling black money gets worst rating; Swachh Bharat, Digital India score poorly.
A total of 22.05 crore applications were received during the period.
According to BJP strategists, PMJAY and the PM Ujjwala Yojana will form the nucleus of the Modi government's re-election campaign.
Alipay payment service is about bringing the world's consumers and businesses together.
Rural populations will get will get employment in the industrial corridors following amendments to the land acquisition bill.
The President said that because of the policies of the government foreign investment has increased from $36 billion to $60 billion during the period.
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.
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.
Public sector banks have lost nearly Rs 2.85 lakh crore on account of loan dues of 13 corporates even as the banks are used to bail out ailing financial institutions such as Yes Bank and IL&FS, United Forum of Bank Unions alleged on Monday. In a press release, UFBU's convener B Rambabu said the organisation calls for a two-day all India bank strike on December 16 and 17 protesting against Banking Laws (Amendment) Bill 2021 and opposing the Centre's alleged move to privatise PSBs. According to the statistics given by the UFBU, the 13 corporates' outstanding dues were at Rs 486,800 crore and it was resolved at Rs 161,820 crore resulting in a loss of Rs 284,980 crore.
Modi said he used the 'bitter medicine' of demonetisation to bring back money into banking system.
"People forgot about income for farmers. But for the first time, this thinking has been changed," he said and listed steps the Centre has taken for the welfare of farmers.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
Instructions were issued on holding loan camps in the last week of September.
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
The Union Budget 2016-17 has cheered the NBFC sector
On the International Women's Day, Prime Minister Narendra Modi on Sunday denounced crimes against women, saying "our heads hang in shame", and announced that the government is setting up 'One-Stop-Centres' besides a helpline for those facing violence, abuse or harassment.
