For making a region or a state or a nation to grow, it is important to have economic development. The states where businesses flourish, also enjoy strong financial growth. The state of Rajasthan was looking for such financial changes and support. Pradhan Mantri Mudra Yojana in Rajasthan
On 8 April, 2015, the launch of Pradhan Mantri MUDRA Yojana was done by Prime Minister Narendra Modi. Pradhan Mantri Mudra Yojana in Rajasthan has emerged out as a sigh of relief.
It is quite apparent that small entrepreneurs need to struggle a lot to get access to the banking system, loans, insurance etc which are the backbone of any business. This scheme came to ease all these issues.
What is Pradhan Mantri MUDRA Yojana?
The Prime Minister, Shri Narendra Modi launched this MUDRA Yojana on 8 April 2015 in New Delhi with a financial strength of Rs 20000 crore. This scheme was launched with an aim to support the small entrepreneurs of India. MUDRA stands for Micro Units Development and Refinance Agency.
Under PMMY all the banks including the private sector banks, public sector banks, regional rural banks, state cooperative banks, urban cooperative banks, foreign banks and nonbanking finance companies are required to lend to nonfarm sector income generating activities below Rs 10 lakhs.
Schemes under MUDRA yojana
To make the small entrepreneurs prosper, there are three schemes under which loans will be provided. The schemes are as below:
- Under Shishu loan, the maximum loan amount is Rs 50,000
- Under Kishor loan, the maximum loan amount is RS 5 lakh
- Under Tarun loan, the maximum loan amount is Rs 10 lakh
How to obtain the loan under MUDRA yojana?
The first term to get this is that applicant must be an Indian citizen. The loan will be available to micro and small scale businesses only from rural areas. The applicant should have authentic identity proof and residential proof. The maximum amount of loan, an applicant can apply for ₹ 10,00,000.
Pradhan Mantri Mudra Yojana in Rajasthan
There are undoubtedly several benefits of Pradhan Mantri Mudra Yojana in Rajasthan. It will boost the GDP of the state. The rate of employment will also be increased which there by led to increase in income. Thus the business units and the end users are all benefited from this scheme leading to increased income and better lifestyle.
