Abstract
The Pradhan Mantri Mudra Yojana (PMMY), launched in 2015, aims to empower entrepreneurs, particularly women and marginalized communities, by providing collateral-free loans to micro, small, and medium enterprises (MSMEs) in India. With ₹22.89 lakh crore disbursed to 41.16 crore borrowers, the scheme has successfully reached economically disadvantaged groups, with a notable focus on women and SC/ST/OBC beneficiaries. PMMY has consistently met its targets despite challenges in some regions, with key contributions from public sector banks, microfinance institutions, and small finance banks. This study assesses the scheme's impact and achievements over the past eight years, emphasizing its role in financial inclusion, loan disbursements, and entrepreneurship.The paper concludes with recommendations to enhance the scheme, such as increasing loan limits, improving awareness, simplifying documentation, and providing post-loan support. These improvements aim to further empower entrepreneurs and contribute to inclusive economic growth in India.
REFERENCES
Mishra, A., & Shukla, P. (2023). "Impact of PMMY on Financial Inclusion in Rural India." Journal of Financial Inclusion, 15(2), 102-115.
Patel, R., & Singh, N. (2024). "PMMY and the Transformation of MSMEs in India." Indian Journal of Economics and Business, 40(1), 88-97.
Government of India, Ministry of Micro, Small & Medium Enterprises. (2024). Pradhan Mantri Mudra Yojana (PMMY). Retrieved from https://www.mudra.org.in/
Mudra Yojana Report. (2023). Annual report on MUDRA loans and beneficiaries. Ministry of Finance, Government of India.
The Hindu. (2024, July 23). Budget 2024: Loans limit under PM Mudra Yojana enhanced to ₹20 lakh. Retrieved from https://www.thehindu.com
https://www.mudra.org.in/