New Delhi

FinanceMinister Nirmala Sitharaman on Wednesday said the Pradhan Mantri MUDRA Yojana (PMMY) will continue to empower entrepreneurs, making them active participants in India’s journey towards Viksit Bharat by 2047.

Marking the scheme’s 11th anniversary, Sitharaman said PMMY has driven a “silent transformation”, enabling crores of citizens to enter entrepreneurship with confidence. Launched on April 8, 2015, the scheme focuses on “funding the unfunded” by extending credit to those outside the formal banking system.

“Eleven years later, the scheme has been instrumental in reshaping the credit landscape for MSMEs and individual entrepreneurs,” she said, adding that it has democratised access to finance by removing entry barriers.

Prime Minister Narendra Modi said the scheme has redefined access to credit, empowering millions “with the confidence to dream and the means to fulfil it”.

According to Sitharaman, over 57.79 crore loans amounting to Rs40.07 lakh crore have been sanctioned under PMMY so far. Nearly two-thirds of the loans have gone to women entrepreneurs, while around one-fifth were extended to first-time borrowers, translating into 12.15 crore loans worth Rs12 lakh crore. Minister of State for Finance Pankaj Chaudhary said PMMY has strengthened financial inclusion, especially among marginalised sections. Around 51 per cent of beneficiaries belong to SC, ST and OBC categories, while women account for 67 per cent. The scheme offers collateral-free loans of up to Rs20 lakh for non-corporate, non-farm income-generating activities through banks, NBFCs and MFIs. The finance ministry said MSMEs remain the backbone of the economy, driving balanced growth, while digital innovations are making credit access easier for small businesses.