10 years of MUDRA Yojana is a story of empowerment, enterprise: PM Modi

New Delhi, Apr 8: Marking a decade of the Pradhan Mantri MUDRA Yojana (PMMY), Prime Minister Narendra Modi celebrated the transformative power of microfinance by personally interacting with beneficiaries from across the country. From Baramulla to Bhopal and Manali to Mancherial, stories of grit, growth, and grassroots entrepreneurship echoed in the lawns of 7, Lok Kalyan Marg. Kicking off the interaction, Prime Minister Modi engaged with Mudassir Naqshbandi from Baramulla, J&K, who turned his modest bakery, Bake My Cake, into a thriving business employing 42 people from remote parts of the district. The Prime Minister was keen to understand the shift in his financial trajectory. “From earning in thousands to lakhs and now crores,” Mudassir told the Prime Minister, who applauded his digital leap. “90% of your business via UPI? That’s incredible,” said PM Modi. “It shows how deeply digital India has penetrated and how entrepreneurs like you are redefining local economies.”

Taking to X (formerly Twitter), the Prime Minister posted: “#10YearsofMUDRA has been about empowerment and enterprise. It has shown that given the right support, the people of India can do wonders!” Since its inception in 2015, the MUDRA Yojana has disbursed more than 52 crore collateral-free loans worth Rs 33 lakh crore. Of this, nearly 70% have gone to women and 50% to entrepreneurs from SC, ST, and OBC communities.

The Prime Minister next turned to Gopi Krishna from Kerala, who left a corporate job in Dubai after learning about the Mudra scheme.

Using the loan, he launched a renewable energy startup, installing solar panels in homes and offices under the PM Surya Ghar initiative.

“Electricity bills that were once Rs 3,000 now hover around Rs 250. That’s the power of clean energy,” he told the Prime Minister. Prime Minister Modi praised his courage and timing: “Your decision to return and build something impactful here shows the strength of the Indian spirit when supported by the right policies.”

A female entrepreneur from Raipur, the founder of the House of Puchka café, shared her journey from home cook to café owner. She emphasised the need for financial literacy among the youth. “Many don’t know that schemes like Mudra provide funding without asking for collateral,” she said. The Prime Minister replied, “You dared to take a risk at 23, and now you’re an example for thousands. Risk-taking is the foundation of innovation. Our youth must realise the sky isn’t the limit—it’s just the beginning.” Suresh from Silvassa quit his job in 2022 to start a business. His story inspired friends to explore entrepreneurship too. “The ripple effect you’ve created,” said the Prime Minister, “is how movements begin. One bold step can light the way for many.”

A woman entrepreneur from Raebareli described how the Mudra Yojana helped her run a bakery with a turnover of Rs 3 lakh a month, employing up to eight people. The Prime Minister appreciated her story as a reflection of New India's self-reliance. Lavkush Mehra of Bhopal grew his pharmaceutical business from an initial Rs 5 lakh loan to a Rs 50 lakh turnover. “From a salary of Rs 60,000 to profits over Rs 1.5 lakh per month—this is what empowerment looks like,” said Shri Modi. A 21-year-old final-year mechatronics student from Bhavnagar used a Rs 2 lakh Mudra loan to launch Aditya Lab, specialising in 3D printing and robotics. The Prime Minister was especially moved by his commitment: “Attending college on weekdays, running a business on weekends—this is the entrepreneurial energy that drives our nation forward.”

A woman entrepreneur from Manali expanded from selling vegetables to running a ration shop with an annual turnover of Rs 10-15 lakh. Her journey, spanning multiple Mudra loans, was lauded by the PM as “a textbook case of growth through responsible credit.” A housewife-turned-entrepreneur from Andhra Pradesh now trains rural women while running a jute bag business. “Your loan repayment discipline earned you greater trust from the bank, and now you’re passing that trust forward to other women,” the PM noted.

Poonam Kumari from Bihar, the daughter of farmers, started a seeds business with an ₹8 lakh Mudra loan. “You’ve shown how determination, even with limited means, can change the course of a family’s future,” the Prime Minister said, adding, “You are the face of Atmanirbhar Bharat.” Throughout the interaction, the Prime Minister reiterated how MUDRA Yojana has sparked a “silent revolution,” especially for women and marginalised communities. “It’s not just credit—it’s confidence, courage, and capacity-building,” he said.

He emphasised that the scheme’s expansion—from initial loans of ₹50,000 to now ₹20 lakh—was built on the trust reposed in ordinary citizens. “We did not give ₹33 lakh crore to the rich with guarantees. We gave it to the hardworking poor—without guarantees—because we believed in them,” he said. Calling for a multiplier effect, he urged each beneficiary to inspire “five to ten others” to follow the path of entrepreneurship, making India not just a country of job seekers, but job creators. He recalled how Gujarat’s Garib Kalyan Melas used motivational street plays to awaken entrepreneurial ambition. “One tribal group who used to perform music at fairs took a Mudra loan and now runs a professional band. That’s the power of small beginnings.” Concluding the session, Prime Minister Modi stressed that the government is actively seeking feedback even after a decade of implementation—"not just to celebrate, but to reform, improve, and expand.” “MUDRA is not just a loan. It’s a movement,” he said. “And every one of you is its ambassador.”