On the day of Diwali, every small and big businessman worships Goddess Lakshmi. For them it is like New Year. The opening of new accounts book is also done on the day of Diwali. In such a situation, the government has given a big gift to the business community of the country before Diwali. To increase self-employment in the country, the government has started ‘Mudra Yojana’ and on Friday the government issued a notification to double the limit of loans given under it.
The government has now increased the maximum limit of loan under Pradhan Mantri Mudra Yojana (PMMY) to Rs 20 lakh. Earlier this limit was only Rs 10 lakh. Under Mudra Loan, the government provides loans without guarantee to different categories of people to create their own employment.
It was announced in the budget
In July this year, when the government announced the full budget for the financial year 2024-25, Finance Minister Nirmala Sitharaman had announced that the government will double the loan limit of the Mudra Yojana. Now the government has issued its official notification. The Finance Ministry issued a statement in this regard on Friday and said that through this increase we want to advance the overall objective of the Mudra Scheme.
While presenting the budget in the Lok Sabha, Finance Minister Nirmala Sitharaman had said, “The limit of Mudra loan will be increased from the existing Rs 10 lakh to Rs 20 lakh for those entrepreneurs who have previously taken loan under Tarun category and have successfully repaid it. “
What is Mudra Loan Scheme?
Prime Minister Narendra Modi introduced Pradhan Mantri Mudra Yojana (PMMY) on 8 April 2015. Its objective is to provide easy loans up to Rs 10 lakh to non-corporate, non-agri small and micro entrepreneurs for income productive activities.
Under the current scheme, the bank provides loans up to Rs 10 lakh under three categories – Shishu (up to Rs 50,000), Kishore (between Rs 50,000 and Rs 5 lakh) and Tarun (Rs 10 lakh). Now the loan amount in Tarun category has been doubled i.e. Rs 20 lakh. Among the crores of people who have benefited from the Pradhan Mantri Mudra Yojana, about 70 percent are women entrepreneurs.