PM Modi's Mudra scheme a hit in Telangana

​Hyderabad: At a time when the Telangana government is struggling hard to extend financial assistance to aspiring entrepreneurs under various state sponsored self-employment schemes, Prime Minister Narendra Modi's pet scheme Pradhan Mantri Mudra Yojana (PMMY) loan scheme has become a big hit in Telangana.

The Telangana state has surpassed its target under the PMMY in the disbursement of loans to the beneficiaries in 2017-18. As against the target of Rs 5,070 crore, the Union government extended loans to the tune of Rs 5,470 crore to 7.57 lakh budding entrepreneurs through the banks in the state registering 107 per cent achievement of the target.

Under the BJP-led NDA government’s flagship programme - PMMY, the beneficiaries are being extended loans up to Rs 10 lakh. Modi’s government has established an exclusive agency called as MUDRA (Micro Units Development and Refinance Agency Ltd) to oversee the implementation of the scheme in coordination with the financial institutions at gross root level.

Top officials of the state government said Telangana has achieved the targets first time in the last three years ever since the scheme was launched in 2015.

The beneficiaries are provided with loans without collateral security under the scheme. The beneficiaries set up small scale industries, mini supermarkets, utilizing the loans provided.

Telangana was one among the few states which achieved the targets under the PMMY scheme in the country, officials said.

They said the flexibility in the re-payment of loans attracted many to seek loans directly from the banks under the PMMY.