PM interacts with MudraYojana beneficiaries
- The Prime Minister, Shri Narendra Modi, today interacted with Mudra Yojana beneficiaries from across the country, through video bridge.
- The video conference is the second in the series of video bridge by the Prime Minister, interacting with various beneficiaries of Government schemes.
- Expressing happiness at being able to interact with the beneficiaries, the Prime Minister said that the Mudra Yojana has become a job multiplier.
- He further added that the initiative has helped in relieving the entrepreneurs from the vicious cycle of moneylenders and middlemen. It has opened up new opportunities for youth, women and those who wanted to start or expand their businesses.
- Under Pradhan Mantri MUDRA Yojana, Government has so fargiven out 12 crore loans worth Rs. 5.75 lakh crore. Out of which 28% of the loans worth Rs. 3.25 lakh crore were given to first time entrepreneurs.
- Of the total loans disbursed, 74% of the total beneficiaries were women and 55% of the loans were given to SC/ST and OBC communities.
- Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by Prime Minister on April 8, 2015 for providing loans up to Rs. 10 lakh to the non-corporate, non-farm small/micro enterprises.
- These loans are classified as MUDRA loans under PMMY. These loans are given by Commercial Banks, RRBs, Small Finance Banks, Cooperative Banks, MFIs and NBFCs.
India signs Loan Agreement with the World Bank
- An Agreement for IBRD Credit of USD 21.7 Million from World Bank for the Strengthening of Public Financial Management in Rajasthan Project was signed here inNew Delhi.
- The Project size is approximately USD 31 million, of which USD 21.7 million will be financed by the World Bank, and the remaining amount will be funded-out of the State Budget.
- The Project duration is 5 years.
- The Project objective is to contribute to improved Budget execution, enhanced accountability and greater efficiency in Revenue Administration in Rajasthan.
- The Project involves Strengthening of the Public Financial Management Framework; Strengthening of Expenditure and Revenue Systems; and Project Management and Capacity Building among others.
Credit Linked Subsidy Scheme (CLSS)
- The Credit Linked Subsidy Scheme (CLSS) Vertical has shown progressive performance with over 1,65,000 beneficiaries benefitting from this Scheme during 2015-18.
- This is a huge jump in the number of beneficiaries from the earlier comparable interest subsidy scheme between 2008-2013 which was only 18,166.
- Adequate funding has been ensured for the CLSS Vertical of the Mission as Rs. 31,505 crore has been provided for the Mission (Rs.6505 crore from budgetary sources and Rs. 25,000 crore from Extra Budgetary Resources (EBR)).
- There is a provision for additional funding beyond the Rs. 25,000 crore under EBR during this financial year.
About PMAY (U)
- The “Pradhan Mantri Awas Yojana – Housing for All (Urban)”, launched by the central government aims to provide housing to all urban people by 2022.
- A remarkable feature of the PMAY is that it is a credit linked subsidy scheme. Here, interest subsidy is given to the beneficiaries when they take the housing loan.
To ace UPSC current affairs section, read more PIB articles here.