Mudra Yojana beneficiary figure will cross 1.5 crores in fiscal 2015-16, says Jaitley

New Delhi, Sept.27 : Union Finance Minister Arun Jaitley said in an article on Sunday that he anticipated the number of beneficiaries having access to the Micro Units Development and Refinance Agency Ltd.(Mudra Yojana) to cross the 1.5 crore figure in fiscal 2015-16 from the figure of 37 Lakh beneficiaries today.

In the article, Jaitley revealed that Rs. 24,000 crores has been distributed as loans under the Mudra Yojana which was launched by Prime Minister Narendra Modi, earlier this year.

“This number will increase year after year. Past experience has indicated that the recovery rate for such micro finance and similar loans is exceedingly high and the defaulters are few,”Jaitley said.

“India may not be able to provide employment to all, but our economy will be strong enough to provide resources to the weakest to enable them to be self-employed and self-dependent,” he adds.

Predicting that the Mudra Yojana will be a great game changer over the next few years, Jaitley said: “The model of the present government is not to give “Buksheesh”(charity), but to enable people to make them economically self-sufficient and live a life of dignity.”

Revealing the specific details of the Mudra Yojana, Jaitley said: “There are 120 partners which includes public sector banks, private sector commercial banks, regional rural banks, NBFCs and MFIs.”

“In the current financial year 2015-16; a total amount of Rs.1.22 lakh crores will be given to these unfunded sections of the Indian society. The three categories of loans are; Shishu – upto Rs. 50,000/-; Kishore – Rs. 5,00,000/- and Tarun – Rs. 10,00 000/-,” he added.

“This Yojna will continue for the next few years. The targeted beneficiaries are six Crore people who need to be developed into India’s small entrepreneurs. They will all be issued Debit Cards, which will allow them to withdraw money through ATMs,” he said.

“These loans will not be given on the strength of personal and political connections but linked to the business proposals of these potential entrepreneurs,” Jaitley added.(ANI)