Karnataka: Pradhan Mantri Mudra Yojana empowers Tumakuru entrepreneurs, transforms lives

Tumakuru (Karnataka), April 17 (IANS) In Karnataka's Tumakuru district, beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY) have transformed their lives and achieved financial growth through loans provided under the scheme.

One such beneficiary, Venkatesh, shared his story with IANS.

Previously employed at a small shop, he had no business of his own. After learning about the PMMY, he applied for a loan, which was approved within 15 days. This financial support enabled him to start a food supply business. He now repays his loan installments regularly, and his business has grown significantly, with annual transactions reaching nearly Rs 2 crore. Venkatesh expressed deep gratitude for the scheme, crediting it for his journey toward financial independence and success.

His story is just one example of how the PM Mudra Yojana is fostering entrepreneurship and economic development in Tumakuru.

Launched in 2015, the PMMY has been instrumental in promoting grassroots entrepreneurship by providing collateral-free loans to micro and small enterprises. It empowers individuals from economically weaker sections to pursue their entrepreneurial dreams without the burden of providing security or assets as collateral.

The scheme categorises loans into three segments: Shishu (up to Rs 50,000), Kishor (Rs 50,001 to Rs 5 lakh), and Tarun (Rs 5 lakh to Rs 10 lakh), catering to businesses at different stages of development.

Over the years, the PMMY has played a vital role in enhancing financial inclusion, enabling job creation, and contributing to local and national economic growth. The success stories of beneficiaries across India, including those in Tumakuru, highlight its lasting impact.

The PMMY recently marked its 10th anniversary on April 8, thousands of beneficiaries from underprivileged backgrounds are coming forward to share how the scheme has positively transformed their lives, offering them hope, dignity, and sustainable livelihoods.

The PMMY has sanctioned over 52 crore loans worth Rs 32.61 lakh crore, fuelling a nationwide entrepreneurial revolution. Business growth is no longer confined to big cities—it is spreading to small towns and villages, where first-time entrepreneurs are taking charge of their destinies. The shift in mindset is evident: people are no longer job seekers; they are becoming job creators.

--IANS

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