Mudra helped entrepreneurs escape moneylenders, middlemen's clutches : PM Modi
New Delhi, May 29: Prime Minister Narendra Modi on Tuesday interacting with the beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY) said the scheme has broken the "vicious cycle" of moneylenders and middlemen who used to control an entrepreneur's dream.
"Mudra yojana has protected the interests of entrepreneurs by relieving them from the vicious cycle of 'sahukars' and middlemen," Modi said while interacting with the beneficiaries of the Mudra scheme through video conferencing on the Narendra Modi App.
"This vicious cycle had to be broken and someone had to do that. We did it, we broke it," he added.
The Prime Minister said the scheme was started to promote youngsters, women, business minded people. It was never planned by his predecessors as they stressed on "vote bank politics", he added. "We prepared a product for those who wanted to do something," Modi said.
The Prime Minister said earlier people without connections were unable to get loans and were either forced to wait or migrate to big cities in search of jobs.
"Mudra Yojana has opened up new avenues for youth, women and those who want to start or expand their businesses. Not only this, Mudra Yojana is also acting as a job multiplier," he added.
"Mudra Yojana has transformed lives of the poor. It has strengthened them economically, socially and provided them with a platform to succeed on," Modi said.
He said apart from some 110 banks, there were also 72 Micro Financial Institutions (MFI), nine Non-Banking Financial Companies (NBFCs) which were giving loans using much simpler paperwork. Around 75 per cent of these loans are given to youth and women.
The interaction came as the Bharatiya Janata Party-led government completed fours years at the Centre.
PMMY was launched by Modi in 2015 aiming to develop India's micro enterprises sector by providing loans up to Rs 10 lakh to non-corporate and non-farm businesses.
As many as 12 crore entrepreneurs have been benefited by it. There are three categories of loans under Mudra Yojana -- 'Shishu, Kishore and Tarun' -- which signifies the stage of growth from infancy to youth.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Israeli Prime Minister Benjamin Netanyahu dismisses defence minister in surprise announcement
Jerusalem, Nov 5: Israeli Prime Minister Benjamin Netanyahu on Tuesday dismissed his popular defence minister, Yoav Gallant, in a surprise announcement that came as the country is embroiled in wars on multiple fronts across the region.
Netanyahu and Gallant have repeatedly been at odds over the war in Gaza. But Netanyahu had avoided firing his rival. Netanyahu cited “significant gaps” and a “crisis of trust” between the men in his Tuesday evening announcement.
“In the midst of a war, more than ever, full trust is required between the prime minister and defence minister,” Netanyahu said. “Unfortunately, although in the first months of the campaign there was such trust and there was very fruitful work, during the last months this trust cracked between me and the defence minister.”
In the early days of the war, Israel's leadership presented a unified front as it responded to Hamas' October 7, 2023, attack. But as the war dragged on and spread to Lebanon, key policy differences have emerged. While Netanyahu has called for continued military pressure on Hamas, Gallant had taken a more pragmatic approach, saying that military force has created the necessary conditions for a diplomatic deal that could bring home hostages held by the Hamas group.
Gallant, a former general who has gained public respect with a gruff, no-nonsense personality, said in a statement: “The security of the state of Israel always was, and will always remain, my life's mission."
Gallant has worn a simple, black buttoned shirt throughout the war in a sign of sorrow over the October 7 attack and developed a strong relationship with his US counterpart, Defence Secretary Lloyd Austin.
A previous attempt by Netanyahu to fire Gallant in March 2023 sparked widespread street protests against Netanyahu. He also flirted with the idea of dismissing Gallant over the summer but held off until Tuesday's announcement.
Gallant will be replaced by Foreign Minister Israel Katz, a Netanyahu loyalist and veteran Cabinet minister who was a junior officer in the military. Gideon Saar, a former Netanyahu rival who recently rejoined the government, will take the foreign affairs post.
Netanyahu has a long history of neutralising his rivals. In his statement, he claimed he had made “many attempts” to bridge the gaps with Gallant.
“But they kept getting wider. They also came to the knowledge of the public in an unacceptable way, and worse than that, they came to the knowledge of the enemy - our enemies enjoyed it and derived a lot of benefit from it,” he said.
