PMMY democratises India’s financial system, says Modi

The scheme has turned out to be a massive success in empowering the poor at the grassroots with Rs33 lakh crore given as loans

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Prime Minister Narendra Modi highlighted on Tuesday that the Pradhan Mantri MUDRA Yojana (PMMY), launched 10 years ago on April 8, has turned out to be a massive success in empowering the poor at the grassroots with over 33 lakh crore loans given worth Rs33 lakh crore.

The prime minister explained that the MUDRA scheme was born as the result of his travels across the country as a “karyakarta” when he observed that there was a dire need for “funding the unfunded” at the grassroots to lift the masses out of poverty.

He highlighted that the scheme democratised the financial system and the success of the scheme is also reflected in the fact that a massive 70 per cent of loans under the scheme were to women.

In a post on X, Modi said, “Sharing my interview with Economic Times, where I elaborate on the life-changing ability of MUDRA Yojana and why it remains an important scheme to our drive for dignity and empowerment. #10YearsOfMUDRA.”

The prime minister said that the MUDRA (Micro Units Development & Refinance Agency) scheme needs to be seen in a particular context and not as a standalone scheme.