New Delhi [India], April 8 (ANI): Prime Minister Narendra Modi on Wednesday hailed the impact of the Pradhan Mantri Mudra Yojana (PMMY) on its 11th anniversary, stating that the initiative has been pivotal in fostering self-employment and making the youth of the nation self-reliant.

In a post on X, the Prime Minister emphasised that providing the right opportunities is key to individual and national growth.

'Exactly 11 years ago, the Pradhan Mantri Mudra Yojana, launched today, has proven to be very helpful in promoting self-employment among the youth. The success of this scheme shows that when given the right opportunities, an individual can not only become self-reliant but also contribute to the nation's progress. Self-knowledge is the beginning, forbearance is the constancy of dharma,' PM posted.

'He who is not distressed by adversities is truly called a wise man,' he added.

Union Home Minister Amit Shah also posted on X and said that over 58 crore collateral-free loans worth more than Rs 40 lakh crore have been disbursed under the Pradhan Mantri Mudra Yojana (PMMY) in the last 11 years, strengthening self-employment and small industries across the country.

Shah said the scheme has empowered small traders, startups and youth by improving access to finance.

'Under the Modi government, by providing loans without collateral to small traders and startups, self-employment and small industries have been empowered with new strength. In these 11 years, over 58 crore loans worth more than Rs 40 lakh crore have been disbursed under this welfare scheme, benefiting 12 crore youth who are infusing new energy into the journey of building an Atmanirbhar Bharat,' Shah said.

He further noted that women have been major beneficiaries of the scheme.

'The fact that 2 out of every 3 Mudra loans go to women is a historic achievement in the direction of women's empowerment and self-reliance,' he added.

The Pradhan Mantri MUDRA Yojana was launched by Prime Minister Narendra Modi on April 8, 2015, to strengthen grassroots entrepreneurship by providing easy collateral-free loans of up to Rs 20 lakh for non-corporate and non-farm income-generating activities.

The implementation of this financial inclusion programme is based on three pillars, namely, 'Banking the Unbanked,' 'Securing the Unsecured,' and 'Funding the Unfunded.'

Under PMMY, loans are provided under four categories--Shishu (up to Rs 50,000), Kishor (above Rs 50,000 and up to Rs 5 lakh), Tarun (above Rs 5 lakh and up to Rs 10 lakh), and Tarun Plus (above Rs 10 lakh and up to Rs 20 lakh)--to support enterprises across manufacturing, trading and service sectors, including allied agricultural activities such as dairy, poultry and beekeeping. (ANI)