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Union Minister of State for Finance, Pankaj Chaudhary, announced that over INR 33 lakh crore in collateral-free loans have been provided under the Mudra Yojana scheme, benefitting 52 crore people in the last decade. Addressing IRS officers in Nagpur, he emphasized the scheme's impact on grassroots entrepreneurship, with 68% of beneficiaries being women. Loans up to INR 20 lakh are enabling small businesses in retail, tailoring, food services, and home manufacturing. Experts note that this surge in micro-enterprises is also driving demand for affordable commercial real estate in tier-II towns. The government sees such schemes as vital to India's long-term development goals.
Union Minister of State for Finance, Pankaj Chaudhary, announced on Monday that more than INR 33 lakh crore in collateral-free loans have been provided under the Mudra Yojana scheme to help small businesses grow across the country. Addressing the 77th batch of Indian Revenue Service (IRS) officers at the National Academy of Direct Taxes in Nagpur, the minister said the scheme has supported over 52 crore people in the last ten years. Advertisement
A key highlight of the scheme is that 68% of the loan recipients are women. Many of them have used the funds to start small businesses in sectors such as retail, food, tailoring, beauty services, and home-based manufacturing.
Under Mudra Yojana, borrowers can receive loans ranging from INR 50,000 to INR 20 lakh without the need for any collateral. The aim is to give aspiring entrepreneurs-especially in rural and semi-urban areas-access to funds to start or expand their businesses. These micro-enterprises are now contributing directly to local job creation and economic activity.
Chaudhary highlighted that these businesses, often set up by first-time entrepreneurs, are helping fuel economic growth at the grassroots level. Many small ventures funded by Mudra loans have gone on to become stable sources of income for families that previously lacked access to formal banking and finance.
The minister also spoke about the government's focus on increasing infrastructure spending over the last decade. He said this steady investment in both rural and urban areas has led to visible changes, including better connectivity, more market access for small businesses, and improved support for entrepreneurs using government schemes like Mudra.
These developments are especially important in smaller towns where financial inclusion and physical infrastructure are growing together. Affordable commercial spaces and improved logistics are making it easier for small businesses to operate successfully.
Experts in the affordable commercial real estate segment say that schemes like Mudra are quietly driving demand for smaller shops, office spaces, and kiosks in towns and tier-II cities. With more women starting businesses, there is also a rise in demand for retail spaces in local markets and residential neighborhoods.
As India pushes towards becoming a developed nation by 2047, the success of schemes like Mudra Yojana shows how small financial steps can lead to big changes-especially when women and rural communities are placed at the centre of growth.
Source: PTI
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