Gandhinagar: To facilitate easy access to institutional credit for the country’s micro, small, and medium enterprises, the Pradhan Mantri Mudra Yojana was launched on 8 April 2015. The scheme is designed to empower small traders, emerging startups, and aspiring entrepreneurs by extending financial assistance to help them expand their ventures. In Gujarat, the scheme has been implemented extensively. Between 2020–21 and 2024–25 (up to November 2024), a total of ₹70,051 crore in loans has been disbursed under this initiative.

During an interaction with beneficiaries of the PM Mudra Yojana on Tuesday, Prime Minister Narendra Modi stated that over the past ten years, the scheme has sanctioned collateral-free loans worth more than ₹33 lakh crore, fostering social inclusion and economic independence.

The scheme’s success is evident in the numbers. In Gujarat, the number of accounts rose from 1.42 crore in 2020–21 to 1.95 crore by 2023–24. Notably, 80.5 lakh new accounts were opened in the current financial year up to November 2024.

Under the PM Mudra Yojana, loan sanctions in Gujarat rose from ₹11,239 crore in 2020–21 to ₹19,607 crore in 2023–24, reflecting a substantial 74% increase over four years. In the last financial year 2024–25, loans amounting to ₹9,708 crore have already been disbursed up to November 2024.

As per a NITI Aayog report assessing the impact of PM Mudra Yojana, the scheme has generated over 11.10 crore jobs nationwide in the ten years since its launch. Significantly, 47% of these employment opportunities have benefited individuals from SC, ST, and OBC communities, with most jobs created in the manufacturing, trading, and service sectors.

What is PM Mudra Yojana?

Launched in April 2015, the PM Mudra Yojana aims to provide hassle-free, collateral-free loans to individuals for launching or expanding their businesses. The scheme offers loans through banks and financial institutions in four categories: Shishu (up to ₹50,000), Kishore (₹50,000 to ₹5 lakh), Tarun (₹5 lakh to ₹10 lakh), and the newly introduced Tarun Plus (₹10 lakh to ₹20 lakh). In Gujarat, countless small traders and startups have utilised the scheme to become self-reliant and scale their enterprises.