MUDRA Yojana completes 8 years: Rs 23.2 lakh crore sanctioned
The Micro Units Development and Refinance Agency (MUDRA) Yojana, launched on 8th April 2015, recently completed 8 years of operation. Under this scheme, loans are provided to micro and small enterprises at affordable interest rates. As of 31st March 2022, MUDRA has sanctioned Rs. 23.2 lakh crore loans to over 33.8 crore beneficiaries across the country.
MUDRA Yojana has been instrumental in boosting the Indian economy, particularly in the MSME sector. The scheme has helped in promoting entrepreneurship and generating employment opportunities, especially in the rural areas. With the government’s emphasis on ‘Atmanirbhar Bharat’ or self-reliant India, MUDRA Yojana has become more relevant than ever before.
The scheme has three categories of loans – Shishu, Kishor, and Tarun. Shishu loans are for those who need a small amount of up to Rs. 50,000 to start their business. Kishor loans are for those who need a larger amount between Rs. 50,000 to Rs. 5 lakhs. Tarun loans are for those who need a loan amount above Rs. 5 lakhs to expand their business.
MUDRA Yojana is not only providing financial assistance but also encouraging entrepreneurship and innovation among the youth. The scheme has been successful in promoting skill development and self-employment among the rural and urban youth. Moreover, the scheme has provided support to the MSME sector, which contributes significantly to the Indian economy.
With the increasing need for employment opportunities and the government’s focus on promoting the MSME sector, MUDRA Yojana is expected to continue playing a crucial role in the development of the Indian economy.
Why this News is important:
Boosting entrepreneurship and generating employment opportunities are crucial for the development of any country’s economy. With the Indian government’s emphasis on ‘Atmanirbhar Bharat’ or self-reliant India, schemes like MUDRA Yojana have become more relevant than ever before. The scheme has been successful in promoting skill development, self-employment, and innovation among the youth. In this context, the completion of eight years of MUDRA Yojana is a significant milestone.
Historical context:
The MUDRA Yojana was launched on 8th April 2015 by the Indian government. The scheme aims to provide loans to micro and small enterprises at affordable interest rates. The scheme was launched with an initial corpus of Rs. 20,000 crore and was expected to provide credit to 10 crore entrepreneurs over five years.
Key Takeaways from “MUDRA Yojana completes 8 years: Rs 23.2 lakh crore sanctioned”:
| S.No. | Key Takeaways |
|---|---|
| 1. | MUDRA Yojana completed 8 years of operation on 8th April 2023. |
| 2. | As of 31st March 2022, MUDRA has sanctioned Rs. 23.2 lakh crore loans to over 33.8 crore beneficiaries across the country. |
| 3. | MUDRA Yojana has three categories of loans – Shishu, Kishor, and Tarun. |
| 4. | Shishu loans are for those who need a small amount of up to Rs. 50,000 to start their business. Kishor loans are for those who need a larger amount between Rs. 50,000 to Rs. 5 |
Important FAQs for Students from this News
Q1. What is MUDRA Yojana?
A1. MUDRA (Micro Units Development and Refinance Agency) Yojana is a scheme launched by the Government of India in 2015 to provide funding to the non-corporate, non-farm small/micro-enterprises in the country.
Q2. Who is eligible for MUDRA loans?
A2. All non-corporate, non-farm small/micro-enterprises engaged in manufacturing, trading, and services activities, with a loan requirement of up to Rs 10 lakh, are eligible for MUDRA loans.
Q3. How much loan has been sanctioned under MUDRA Yojana till date?
A3. As per the latest report, Rs 23.2 lakh crore has been sanctioned under MUDRA Yojana in the last 8 years.
Q4. What is the interest rate charged on MUDRA loans?
A4. The interest rate charged on MUDRA loans may vary based on the borrower’s profile, loan amount, and tenure. However, the interest rate on these loans is generally lower than the market rates.
Q5. How can one apply for MUDRA loans?
A5. One can apply for MUDRA loans through various participating banks, NBFCs, and MFIs. The interested borrowers can also apply online through the MUDRA portal.
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