'Mudra scheme has helped poor economically and socially', says Modi via NaMo app

Prime Minister Narendra Modi on Tuesday interacted with the beneficiaries of Mudra Yojana through NaMo App.

In his video conference, Modi said, "I just interacted with few beneficiaries last month. Their stories not only make me happy but also proud of their achievements. This is why I decided that I will continue to interact with you."

"Mudra is an initiative for people who want to achieve something in life. We extended belief in their dreams, skill and business ideas. We tried to empower them to bring their products to the market. The initiative has helped multiply jobs. We have been facing the problem of license Raj in our country since Independence. But the scheme has helped remove middle men," Modi said.

The Prime Minister said the Centre's PMMY scheme has transformed the lives of the poor. By aiding small and micro businesses, people have been strengthened economically, socially and have been given a platform to succeed.

The PM says 12 crore loans have been approved by the government in the last three years, 75 per cent of which were disbursed to youth and women.

Earlier in the day, Union Minister Piyush Goyal says the government has aided over 12 crore small entrepreneurs since the inception of PMMY in 2015.

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Prime Minister on April 8, 2015 for providing loans upto Rs. 10 lakh to the non-corporate, non-farm small/micro enterprises.

Since the scheme was launched, as many as 12 crore entrepreneurs have been aided, Union Minister Piyush Goyal claimed. There are three categories of loans under Mudra - Shishu, Kishore and Tarun - which signifies the stage of growth and funding needs of the beneficiary.