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.
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Lebanon: Israeli airstrikes kill 29 in Beirut as Israel intensifies attacks
Beirut: A new wave of Israeli airstrikes targeted Beirut and its southern suburbs, escalating the ongoing conflict with Hezbollah. The attacks follow a deadly assault the previous day that left 29 dead and 66 injured in the Lebanese capital.
On Sunday, the Israeli military announced that it had carried out "intelligence-based strikes" against Hezbollah command centers in Beirut's southern neighborhoods, including Haret Hreik, Burj Barajneh, and Hadath, as reported by Xinhua news agency. Within just 30 minutes, local TV station al-Jadeed documented 12 airstrikes in the area.
Videos shared online captured plumes of dense black smoke rising from the targeted suburbs, indicating the intensity of the bombardment. Prior to the strikes, Israeli military spokesperson Avichay Adraee used social media to warn residents to evacuate several buildings in the southern part of the city.
The fresh wave of airstrikes follows a Saturday attack on an eight-storey residential building in Beirut’s Basta Fawka neighborhood. While Israeli reports suggested the target was a senior Hezbollah official, Lebanese lawmaker and Hezbollah member Amin Sherri denied any political or military figures were present in the building during the assault.
In retaliation, Hezbollah declared it had destroyed five Israeli Merkava tanks in southern Lebanon using guided missiles on Sunday. The group also claimed to have launched attacks on several locations in northern Israel, including Kerem ben Zimra and Kfar Blum.
The hostilities have intensified since September 23, with Israeli forces increasing airstrikes on Lebanon and launching a ground offensive across the northern border in early October.
Lebanon’s Health Ministry released figures on Sunday indicating that Israeli airstrikes have resulted in 3,754 deaths and 15,626 injuries since the conflict reignited on October 8, 2023.
