Mudra loans have led to a 28 percent rise in jobs, reported Business Standard, citing a government survey. The new jobs were generated by establishments which took benefit of the central government scheme.
The report on Pradhan Mantri Mudra Yojana (PMMY), prepared by the labour bureau under the Ministry of Labour and Employment, revealed that the number of workers in the establishments who availed the loan increased from 3.93 crore to 5.04 crore.
The PMMY was launched in April 2015 to give unsecured loans of up to Rs 10 lakh in order to create more employment and entrepreneurs in the country.
As per the survey, the report said, a total of 1.12 crore new jobs, over half of them in the form of self-employment, were created through the Mudra loans between 2015 and 2018.
However, the result was below the government’s expectations. While Prime Minister Narendra Modi said in parliament in February that 4.25 crore new entrepreneurs availed Mudra loans, only 51 lakh new entrepreneurs were created from the initiative, said the report.