New Delhi, Apr 9: Union Finance Minister Nirmala Sitharaman on Tuesday said it is heartening to note that nearly 68 per cent of the total Pradhan Mantri MUDRA Yojana (PMMY) loan accounts have been sanctioned to women, becoming a tool for empowerment and enabling them to contribute to national economic growth and also inspiring the next generation of female entrepreneurs.Hailing the scheme’s impact, the Finance Minister said that in line with the Budget 2024-25 announcement, “the introduction of the Tarun-Plus category last year, with an increased loan limit of Rs 20 lakh, will further help thriving entrepreneurs expand and unlock their full potential.”
The PMMY, launched on April 8, 2015, by Prime Minister Narendra Modi, is celebrating 10 glorious years of empowering small and micro-entrepreneurs across India.
Aimed at fostering financial inclusion, PMMY provides easy, collateral-free loans up to Rs 10 lakh for non-corporate and non-farm income-generating activities.
To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to Rs 20 lakh during the Union Budget 2024-25.
The newly announced loan category, Tarun Plus, is designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between Rs 10 lakh and Rs 20 lakh.
Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in the country.
