Those ridiculing Mudra scheme unaware of power of micro finance: PM Modi

“People who consider themselves experts, big economists, pundits and were in a habit of giving loans to big businessmen over phone, never understood the power of micro finance. Even today, they are ridiculing it. They do not understand the potential of the common man,” Modi said, addressing the National Rozgar Mela via video conferencing.

His remarks were seen as an indirect swipe at Congress leader and former Finance Minister P Chidambaram, who had recently criticised the NDA government over PMMY.

“Today, the way India is hand-holding its small-scale industries and promoting entrepreneurship ensures the creation of a large number of jobs,” he said.

Modi said, “In the eight years, loans worth Rs 23 lakh crore have been given without bank guarantee under Mudra Yojana. Out of this, 70 per cent loans have been given to women. This scheme has created 8 crore new entrepreneurs. These are the people who have started their business for the first time with the help of Mudra Yojana.”

In his address, Modi also highlighted that India is one of the fastest growing economies of the world.

“Today, India is one of the fastest growing economies of the world. The entire world is struggling with recession after Covid. The economy of most of the countries is on the decline. But, amidst all this, the world is seeing India as a bright spot,” he said.

“Today’s New India is moving with policies and strategies that have opened the doors for new possibilities,” he said.

On the occasion, Modi distributed about 71,000 appointment letters to newly inducted recruits in various government departments and organisations.

He said the government is committed to providing the right opportunities for the talent and energy of the youth to achieve the resolutions of a developed India. He said the process for government recruitment is taking place at a fast pace in NDA-ruled states from Gujarat to Assam and Uttar Pradesh to Maharashtra. “This Rozgar Mela is proof of our commitment towards the youth of the nation,” he added.