How New Mudra Loan Limit Of Rs 20 Lakh Will Support MSMEs, Who Can Avail The Scheme
In the Budget 2024, Micro, Small, and Medium Enterprises will now be able avail loans of up to Rs 20 lakh instead of the current Rs 10 lakh under the Mudra scheme, finance minister Nirmala Sitharaman said on Tuesday. During the interim budget presentation earlier this year, the government extended 43 crore loans aggregating to Rs 22.5 lakh crore under the PM Mudra Yojana. Pradhan Mantri MUDRA Yojana was launched on April 8, 2015, by Prime Minister Narendra Modi to facilitate easy collateral-free micro-credit of up to Rs 10 lakh to non-corporate, non-farm small and micro-entrepreneurs for income-generating activities. Those eligible for assistance from MUDRA include Non-Corporate Small Business Segment comprising millions of proprietorship / partnership firms running as small manufacturing units, service sector units, shopkeepers, fruits / vegetable vendors, truck operators, food-service units, repair shops, machine operators, small industries, artisans, food processors and others, in rural and urban areas.
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