Pradhan Mantri Mudra Yojana: Beyond the decadal journey to empower India

Most beneficiaries of PMMY are first-generation entrepreneurs with humble beginnings that have been able to break free from the financial constraints faced by them

It is universally acknowledged that micro, small and medium enterprises (MSMEs) form the backbone of the Indian economy. It is estimated that MSMEs contributed about 30.1 per cent to the country’s gross value added (GVA) in 2022-23, while their contribution to India’s total exports was 45.79 per cent in 2024-25.

 

Flow of credit to MSMEs had been a challenge for the formal financial system since independence. However, in recent times, this has significantly changed, with India stack/technology (duly imbibed at banks’ end) and multiple government enablers, Pradhan Mantri Mudra Yojana (PMMY), has been able to bring a substantive change by