Pradhan Mantri Mudra Yojana aimed at empowering people, says PM Modi

Underlining the importance of Pradhan Mantri MUDRA Yojana (PMMY), Prime Minister Narendra Modi today said it is focused on providing money to the people and empowering them in true sense.

"Pradhan Mantri Mudra Yojana funds the unfunded. The purpose of this can be explained by three Es - Enterprises, Earning, Empowerment," he said, adding that 'mudra' is encouraging enterprises, which is creating a source of earning.

Though the Mudra Yojna is in place to help small entrepreneurs, said the Prime Minister, the speed of this policy is not up to the speed that he wanted.

"But the beginning is good. In such less time, about 66 lakh people have got Rs. 42,000 crore through the Mudra yojana. I am glad that out of these 66 lakh people, about 24 lakh are women," said Prime Minister Modi.

"I got to know of Mamata Sharma from Bhopal, who got Rs. 40,000 from the MUDRA Yojana. She is now running a business of making wallets. She would make wallets earlier too, but she would have a lot of problems because of heavy interest rates," he said, adding that these small entrepreneurs run the Indian economy.

The Pradhan Mantri Mudra Yojana under the Micro Units Development and Refinance Agency (MUDRA) Bank is a new institution being set up by the Government of India for development and refinancing activities relating to micro units.

The purpose of MUDRA is to provide funding to the non-corporate small business sector.