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Modi said this while interacting with over 100 beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY), from across the country, at his residence here, said a statement.
The PMMY is a scheme launched by the prime minister on April 8, 2015, for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises.
These loans are classified as MUDRA loans under the PMMY. These loans are given by commercial banks, regional rural banks, small finance banks, cooperative banks, micro finance institutions and non-banking financial companies.
As per the statement, Modi appreciated the efforts of the entrepreneurs who have made good use of the Mudra loans.
He said that 11 crore people have so far been benefited from the scheme.
One of the aims of this scheme, the prime minister said, is also to increase "self-confidence among the people".
Modi further said that so far the conventional thinking has been that employment is generated either in the public or in the private sector.
This scheme, he said, has helped in the development of the "personal sector," as a means of livelihood and self-employment.
Several beneficiaries of the scheme shared their experiences with the prime minister during an hour-long interaction.
One of the beneficiaries, Munirabanu Shabbir Hussain Malek from Surat, said she had received a Mudra loan of Rs 1.77 lakh.
She explained how she took LMV driving training and is now earning Rs 25,000 per month, by driving an auto rickshaw.
One T R Sajeevan from Chennai said he received a Mudra loan of Rs 10 lakh and now he does job work for foundries.
Under the Mudra scheme, loans worth Rs 2.20 lakh crore were disbursed in the last financial year.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)