The government’s plans to empower women got a major fillip, especially in the rural regions, with Indian women getting a large portion of loans under the Pradhan Mantri Mudra Yojana (PMMY) and Stand-Up India (SUPI).
A total of 306.4 million loans under the PMMY, comprising 69% of the total sanctioned loans, was given to women as of 24 November 2023, a finance ministry statement said.
Under SUPI, as of 24 November, out of 209,000 loans sanctioned, 84%, or 177,000 loans, have been sanctioned to women entrepreneurs, it added.
PMMY facilitates micro credit, which are loans up to ₹10 lakh to micro enterprises engaged in the non-farm sector like manufacturing, trading and service sectors, including agriculture, poultry, dairy, etc.
The Stand-Up India Scheme was launched in 2016 to promote entrepreneurship at the grassroot level, focusing on economic empowerment and job creation. This scheme has been extended up to 2025.
“Micro-credit through PMMY encouraged female entrepreneurship, raised earnings and employability, and thereby empowered them financially, socially and psychologically,” the finance ministry statement said.
“By allocating the target to provide at least one loan to women and one loan to SC/ST entrepreneurs, SUPI encouraged lenders to finance green-field projects to women entrepreneurs, which goes a long way in the promotion of entrepreneurship among women and women-led enterprises,” it added.
