Government has sanctioned loans amounting Rs 15.5 lakh crore under its flagship Pradhan Mantri Mudra Yojana ever since its inception in April 2015.
According to official estimates, till March 31, 2021, the Government had sanctioned 29.55 crore loans to beneficiaries across the country under Mudra scheme. The scheme provides loans to micro, small and medium enterprises as well as new enterprises.
Out of the 29.5 crore loans sanctioned in the last six years, more than 6.8 crore loans worth Rs 5.2 lakh crores have been given to new entrepreneurs.
For the current financial year, the Centre has fixed a target of sanctioning loans worth Rs 3 lakh crore for lending institutions. Annual targets for lending are fixed under the Mudra scheme, official sources said.
This helps in creating income generating activities in sectors like manufacturing, trading, services and agriculture.
Under the scheme, credit up to Rs 10 lakh is provided by banks and non-banking financial companies to small and new businesses.