Lucknow: The public welfare budget of Prime Minister Narendra Modi’s third government increased the amount of Pradhan Mantri Mudra Loan Yojana (PMMY) from Rs 10 lakh to Rs 20 lakh. This has brought immense happiness to entrepreneurs in Uttar Pradesh. Officials of the Indian Industry Association (IIA) responded enthusiastically to the Mudra loan increase.
Senior IIA member Vishal Gupta said increasing the Mudra loan amount will boost micro and small industries. He noted that many people in the state run such enterprises, and the increased loan amount will support their growth. Gupta called it a great decision that meets the needs of enterprises and mentioned that preference will be given to those who have repaid previous loans. Though they proposed a limit of Rs 50 lakh, Rs 20 lakh is still beneficial.
Vikas Khanna, Chairman of the Lucknow Chapter of IIA, said the increased Mudra loan limit will benefit small cottage industry entrepreneurs. Those who have repaid earlier loans will benefit the most. To take a Mudra loan, one must register with Udyam Aadhaar and request a loan at the Directorate of Industries. After document verification, the bank processes the loan. Khanna highlighted that Mudra loans have helped many people expand their enterprises, benefiting traders in spices, water supply, food, milk, fruits, vegetables, and handmade items.
Srilal Gupta, a renowned entrepreneur in Lucknow’s Nadarganj industrial area, said that problems arise only when taking a Mudra loan for the first time. After that, the loan becomes a boon for entrepreneurs. He noted that many entrepreneurs have expanded their businesses with Mudra loans, providing employment to many unemployed people. He mentioned that an entrepreneur in Nadarganj Industrial Area expanded his business with a Mudra loan and is now earning crores of rupees while offering jobs to others.
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