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30 crore landless people to get jobs once land bill is passed, says Finance Minister Arun Jaitley

Jaitley had proposed the MUDRA with a corpus of Rs 20,000 crore.

By: Press Trust of India | New Delhi |
April 8, 2015 4:56:10 pm
Arun Jaitley, MUDRA bank, modi mudra bank, land acquisition bill, land bill Finance Minister Arun Jaitley

About 30 crore landless people will get employment in the industrial corridors following amendments to the land acquisition bill, Finance Minister Arun Jaitley said today.

“I want to make a special mention of poor, dalits, tribals, backwards, those who are landless. The Land
Acquisition Bill we are bringing, as per that the industrial corridors which would be set up in the country, those backward people, the 300 million landless people would get employment opportunities,” he said.

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Speaking at the launch of the Rs 20,000 crore Pradhan Mantri Micro Units Development Refinance Agency (MUDRA) Yojana in New Delhi, he said it is the priority of the government to provide employment to people and steps are being taken in that direction.

The Finance Minister further said that the institution is an effort towards “funding the unfunded” population of the
country.

There are about 5.77 crore micro and small entrepreneurs in the country who do not have access to institutional credit. Jaitley said about 20 per cent of the country’s population is dependent on these micro and small entrepreneurs.

This institution has been created within five weeks after Budget announcement, he said, adding that the MUDRA Bank will refinance micro-finance institutions (MFIs).

This NBFC will be transformed into another development bank in the future, he added.

In his Budget speech, the Finance Minister had proposed the MUDRA with a corpus of Rs 20,000 crore, and credit
guarantee corpus of Rs 3,000 crore.

The roles envisaged for MUDRA include laying down policy guidelines for micro enterprise financing business and
registration of MFI entities as well as their accreditation and rating.

The initial products and schemes under this umbrella have already been created and the interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stages of growth/development and funding needs of the beneficiary micro unit/entrepreneur.

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