New Delhi: The Pradhan Mantri Mudra Yojana (PMMY) has completed 11 years, marking a decade of expanding access to credit for small and micro entrepreneurs across the country. The scheme, launched on April 8, 2015, aims to provide collateral-free loans to non-corporate, non-farm income-generating activities.
Reflecting on the milestone, Prime Minister Narendra Modi said the scheme has empowered millions by giving them the confidence to dream and the means to fulfil those aspirations. In a series of posts, he noted that PMMY has “redefined access to credit” and strengthened the spirit of enterprise by removing barriers and trusting the aspirations of people.
“PM Mudra Yojana has redefined access to credit by empowering millions with the confidence to dream and the means to fulfil it,” the Prime Minister said, adding that the initiative reflects an economic approach where opportunities are accessible and enterprise is encouraged.
According to official data, the scheme has sanctioned over 57.79 crore loans amounting to ₹40.07 lakh crore, significantly strengthening the credit ecosystem for micro and small enterprises.
Union Finance Minister Nirmala Sitharaman said the scheme has played a key role in transforming India’s credit landscape by bringing previously excluded entrepreneurs into the formal banking system. She described the initiative as central to democratising entrepreneurship and enabling wider participation in economic growth.
Highlighting the impact of the scheme, the Finance Minister noted that nearly two-thirds of the loans have been extended to women, while around one-fifth have been provided to first-time entrepreneurs. This, she said, reflects the scheme’s role in promoting inclusive growth and supporting new business ventures.
Minister of State for Finance Pankaj Chaudhary said PMMY has been instrumental in promoting micro-entrepreneurship by enabling access to credit through banks, non-banking financial companies and microfinance institutions. He emphasised that financial inclusion remains a key priority of the government and the scheme has helped expand credit access to underserved sections.
The scheme offers loans under four categories—Shishu, Kishor, Tarun and Tarun Plus—based on the stage of growth and funding needs of borrowers. These loans cater to a wide range of sectors, including manufacturing, trading and services, as well as allied agricultural activities.
PMMY is anchored in the broader financial inclusion framework built around three key pillars—banking the unbanked, securing the unsecured and funding the unfunded. The initiative has been positioned as a critical tool to reduce dependence on informal credit systems and support grassroots entrepreneurship.
The government stated that the scheme will continue to play a vital role in empowering entrepreneurs and contributing to the vision of building a developed India by 2047.
