In a special interaction to mark the 10th anniversary of the Mudra Yojana, Prime Minister Narendra Modi on Tuesday engaged with several beneficiaries from across India. The event, held at PM Modi’s residence, provided a platform for these beneficiaries to share their success stories, underscoring the transformative impact of Mudra loans on their lives and businesses.
PM Modi extended his heartfelt gratitude to the attendees and invited them to share their success stories. He noted that Mudra Yojana is not limited to any specific group but aims to empower the youth and provide them with the resources needed to stand on their own feet. “This scheme is a silent revolution that has shifted societal attitudes about entrepreneurship,” he said, emphasizing the role of the youth, particularly women, in driving this transformation.
During the interaction, PM Modi engaged with a diverse group of beneficiaries who have used the Mudra loans to fuel their entrepreneurial ambitions. One such beneficiary, Rana Das from Nagaland, shared how his pet supplies and services business, K9 World, flourished thanks to the financial support from the Mudra Yojana. PM Modi encouraged him to showcase his progress to the banks that provided the loan, highlighting how success stories like his inspire further trust and confidence in the system.
Another beneficiary, Gopi Krishna from Kerala, shared his journey of becoming a successful entrepreneur in the renewable energy sector. He recounted his decision to leave his job in Dubai after learning about the Mudra Loan and noted that the solar installations under the PM Surya Ghar initiative had not only transformed his business but also helped local households reduce their electricity bills significantly.
The Prime Minister also interacted with young entrepreneurs, including a female business owner from Raipur, who shared her experience of turning her home cooking venture into a thriving café business. She praised the Mudra Yojana for offering collateral-free loans, which many youth are unaware of, and encouraged others to take bold steps toward entrepreneurship.
PM Modi emphasized that the Mudra Yojana has had a profound impact on women, who make up a significant proportion of the scheme’s beneficiaries. He noted that women are not only applying for loans but are also leading the way in repayments. The scheme, he said, has provided them with opportunities to build their own businesses, furthering economic self-reliance.
One of the most inspiring stories came from Mudassir Naqshbandi, owner of Bake My Cake in Baramulla, Kashmir, who transitioned from job seeker to job creator with the help of a Mudra loan. With 42 employees working in his business, Mudassir shared how the scheme had allowed him to scale his operations and improve his community’s economic stability.
The Prime Minister also highlighted the success of a woman entrepreneur from Andhra Pradesh who, with a ₹2 lakh Mudra loan, started a business producing jute bags and trained rural women in her community. Her success, PM Modi noted, reflects the transformative power of the Mudra Yojana in fostering self-reliance and entrepreneurship among marginalized groups.
In his address, PM Modi praised the significant growth of the Mudra Yojana, which has sanctioned loans worth ₹32.61 lakh crore to over 52 crore beneficiaries. “This is a monumental achievement that is unparalleled globally,” he said. He further emphasized that the expansion of the loan limit from ₹5 lakh to ₹20 lakh reflects the government’s trust in the entrepreneurial spirit of India’s citizens.
The Prime Minister urged all beneficiaries to spread awareness about the Mudra Yojana in their communities, encouraging others to leverage the scheme to start their own ventures. “Small steps can lead to great changes,” he remarked, sharing a motivational story of a tribal group in Gujarat who, with the help of a small loan, transitioned from performing traditional music to forming a professional band.
PM Modi also expressed his commitment to continuously improving the scheme by seeking feedback from beneficiaries and identifying areas for further reforms. He highlighted the government’s focus on empowering the common people of India, noting that ₹33 lakh crore has been disbursed to citizens under the Mudra Yojana without the need for guarantees or collateral.
The Union Minister of State for Finance, Pankaj Chaudhary, was also present at the event.
Since its inception in April 2015, the Pradhan Mantri Mudra Yojana has been a cornerstone of India’s efforts to foster entrepreneurship and self-reliance, particularly among women and youth, by providing easy access to finance for small businesses.
