Mudra Yojana: PM Modi’s microcredit program authorized majority loans to women entrepreneurs in six years

0
The average loan amount under the Mudra program was around 52,000 rupees.

Credit and financing for MSMEs: Pradhan Mantri Mudra Yojana (PMMY), which was launched by Prime Minister Modi in April 2015 to promote entrepreneurship through access to microcredit, had reported sanctioned majority loans to women entrepreneurs since the start of the program. . As of June 25, 2021, loans of 20.31 crore involving a sanctioned amount of Rs 6.86 crore lakh have been granted to women entrepreneurs, according to data shared by member credit institutions (MLI) on the Mudra portal. This represented 68 percent of total loans and 43 percent of the total amount sanctioned under the program in just over six years.

Institutional credit up to Rs 10 lakh is provided by MLIs for entrepreneurial activities to micro, small businesses that help create income-generating activities in sectors such as manufacturing, trade, services and related activities. agriculture, Minister of State for Finance Ministry Bhagwat Karad had informed Rajya Sabha on Tuesday by sharing project data. The total of loans sanctioned as of August 11, 2021 stood at 30.65 crore involving Rs 16.16 crore lakh, according to an analysis of data available on the portal. Of the total amount sanctioned, Rs 15.66 lakh crore was disbursed.

“The increase in the share of women is very encouraging as the government has talked about providing access to finance for women entrepreneurs and the Mudra program has been one of the main programs we are talking about. This is the first program we are looking at when it comes to financial awareness and financial education among women entrepreneurs and the program has very effectively made this information into the public domain. I think the communication channel is clearer now, ”said Jahnabi Phookan, outgoing president of FICCI FLO and head of the JTI group at Financial Express Online.

Subscribe now to the Financial Express PME newsletter:Your weekly dose of news, perspectives and updates from the world of micro, small and medium-sized businesses

The average loan amount under the Mudra program was around 52,000 rupees, while 88% of loans were in the “SHISHU” category, according to a finance ministry statement in April this year. While the majority beneficiaries were female entrepreneurs, around 24 percent of loans were made to new entrepreneurs and 51 percent of loans were made to SC / ST / OBC borrowers. According to a survey by the Ministry of Labor and Employment, the program contributed 1.12 crore net of additional jobs from 2015 to 2018, including 69 lakh female employees.

The government had targeted a loan penalty of Rs 3 lakh crore under the Mudra program for FY22, against Rs 3.21 lakh crore sanctioned in FY21 and Rs 3.37 lakh crore sanctioned in FY20. According to data from the Ministry of Finance, Mudra’s NPA increased to Rs 18,835 crore in FY20, compared to Rs 11,483 crore in FY19 and Rs 7,277 in FY19. Fiscal year 18. At the same time, the share of bank credit to micro and small enterprises (MSEs) in the country’s overall gross bank credit continued to decline for the fifth consecutive month in May of this year. From 12.11% in December 2020, the share of MSE contracted to 12.09% in January 2021, 11.8% in February, 11.3% in March, 9.7% in April, then to 9 , 48% in May. Overall gross bank lending in May 2021 stood at 108.33 lakh crore, according to the July RBI bulletin.

Get live stock quotes for BSE, NSE, US market and latest net asset value, mutual fund portfolio, see the latest IPO news, top IPOs, calculate your tax Using the income tax calculator, know the best winners, the best losers and the best equity funds in the market. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.



Source link

Leave A Reply

Your email address will not be published.