New Delhi: The Yogi Adityanath-led government in Uttar Pradesh has put in consistent and dedicated efforts to implement the Mudra scheme, leading to transformative changes in the lives of millions of entrepreneurs across the state, Under the leadership and guidance of the Prime Minister, Narendra Modi. The remarkable success of this initiative in Uttar Pradesh has turned it into a model worth emulating for other states in the country.
Marking the tenth anniversary of the Pradhan Mantri Mudra Yojana (PMMY), Prime Minister Narendra Modi engaged in a dialogue with a select group of beneficiaries to personally understand how the scheme has positively impacted their lives and livelihoods.
As per the data available on March 21, 2024, loans amounting to a total of Rs 49,501 crore have been distributed to as many as 46.92 lakh beneficiaries in Uttar Pradesh. Out of this, banking institutions have disbursed Rs 37,875 crore to 30.76 lakh account holders, while non-banking financial companies (NBFCs) have extended loans worth Rs 11,626 crore to 16.16 lakh individuals.
The scheme, launched on 8th April 2015, has opened up vast new avenues for small business owners, startup ventures, and self-employed individuals. Owing to the focused implementation by the Yogi government, the scheme has had a significant and positive influence on the economic condition of countless citizens in the state.
The majority of Mudra Yojana beneficiaries belong to micro-industries, agriculture-related enterprises, handicrafts, food processing units, retail businesses, and service-oriented sectors. Apart from encouraging grassroots entrepreneurship, the scheme also places strong emphasis on empowering women and extending special support to members of Scheduled Castes (SCs), Scheduled Tribes (STs), Other Backward Classes (OBCs), and persons with disabilities (Divyangjans).
A key milestone in the scheme’s journey came in October 2024, when the central government revised the loan cap under the Mudra Yojana, increasing it from Rs 10 lakh to Rs 20 lakh. This change has provided a significant growth opportunity for small business owners and entrepreneurs, motivating them to modernize their operations using digital technologies like QR codes, point-of-sale (POS) machines, and UPI-based payment systems. This has further led to a surge in digital banking services, e-commerce platforms, and online business models.
The Mudra scheme has emerged as a powerful force encouraging the youth to take up self-employment and entrepreneurial ventures, while also speeding up economic progress in both urban and rural areas of the state. Over the past decade, the initiative has become instrumental in tackling unemployment, uplifting women, and reinforcing the foundations of the rural economy.
Due to regular supervision and timely evaluation by the state government, the benefits of the scheme are efficiently reaching the eligible individuals without delay. With continuous support from banks and the unwavering commitment of the administration, Mudra Yojana has evolved into a strong pillar of financial empowerment for the underprivileged.
Thanks to the relentless efforts of the Yogi government, the active involvement of banking institutions, and the entrepreneurial spirit of the people, this scheme has yielded great results in Uttar Pradesh, paving the path toward self-reliance for millions and contributing significantly to the state’s economic development.