When Mudra Yojana Was Launched

The Mudra Yojana, officially known as the Micro Units Development & Refinance Agency Yojana, is a significant initiative by the Government of India aimed at empowering small businesses and entrepreneurs. Launched on April 8, 2015, the scheme was introduced by Prime Minister Narendra Modi as part of the government’s broader efforts to support micro, small, and medium enterprises (MSMEs) across the country.

The core objective of Mudra Yojana is to provide financial assistance to individuals and businesses engaged in non-farm activities that fall into the micro and small enterprise categories. This initiative is design to promote entrepreneurship, create job opportunities, and stimulate economic growth by making credit more accessible to those in need.

The scheme offers three types of loans to cater to various stages of business development:

1.Shishu Loans: Up to ₹50,000 for startups and new businesses.

2. Kishore Loans: Between ₹50,000 and ₹5 lakh for businesses that are expanding or have an established presence.

3. Tarun Loans: Ranging from ₹5 lakh to ₹10 lakh for businesses that are further scaling up.

One of the standout features of Mudra Yojana is that it provides unsecured loans, meaning that borrowers are not require to provide collateral. This aspect makes it easier for small entrepreneurs and micro-enterprises to access funding, which is often a significant barrier to growth.

Overall, Mudra Yojana has played a pivotal role in fostering entrepreneurship and supporting small businesses in India, contributing to economic development and job creation. Its launch marked a significant step in the government’s commitment to empowering individuals and enhancing the financial inclusion of the underbanked segments of society.

For more information to visit: https://www.incometax.gov.in

FAQs

1.When was Mudra Yojana launch?

Ans: It was launch on April 8, 2015.

2. What is the full name of Mudra Yojana?

Ans: It stands for Micro Units Development & Refinance Agency Yojana.

3.Who launched the Mudra Yojana?

Ans: The initiative was introduce by the Prime Minister of India.

4. What is the main aim of Mudra Yojana?

Ans: Its main aim is to provide financial support to small and micro enterprises.

5. Which government department administers Mudra Yojana?

Ans: The scheme is overseen by the Ministry of Finance.

6. How many types of loans does Mudra Yojana offer?

Ans: It offers three types: Shishu, Kishore, and Tarun.

7. What is the Shishu loan amount under Mudra Yojana?

Ans: The Shishu loan covers up to ₹50,000.

8. What is the maximum amount for Kishore loans?

Ans: Kishore loans can go up to ₹5 lakh.

9. How much can Tarun loans amount to?

Ans: Tarun loans can be up to ₹10 lakh.

10. Is collateral require for Mudra Yojana loans?

Ans: No, Mudra Yojana loans are generally unsecure, meaning no collateral is need.

When mudra yojana was launched?