Mudra Yojana
It is also known as the Pradhan Mantri Mudra Yojana (PMMY), was launched on April 8, 2015, in India. It was introduce by the Government of India to provide financial assistance and support to small and micro-enterprises in the country.
The main objective of the Mudra Yojana is to promote entrepreneurship and generate employment opportunities by extending credit to small businesses. It aims to enable small business owners, especially those from marginalized and economically weaker sections, to access affordable and hassle-free loans.
For more information to visit: https://www.incometax.gov.in
Under the Yojana, loans can provide through various financial institutions, including banks, non-banking financial companies (NBFCs), and microfinance institutions (MFIs). These loans can categorize into three types: Shishu, Kishore, and Tarun, based on the loan amount and the stage of the business.
Since its launch, the Yojana has made a significant impact on the Indian economy by facilitating the growth of small businesses and promoting financial inclusion. It has empowered numerous individuals to start and expand their ventures. It is leading to job creation and economic development at the grassroots level.
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