As part of the nine priorities highlighted for the 2024 Union Budget, the limit for Mudra loans will be increased to ₹20 lakh from the current ₹10 lakh for those who have previously availed and successfully repaid loans under the Tarun category. This announcement was made by Union Finance Minister Nirmala Sitharaman on July 23.
Key Announcements
Enhanced Mudra Loan Limit
The increase in the Mudra loan limit aims to support successful small and micro-entrepreneurs, enabling them to expand their businesses further.
Budget Theme
Ms. Sitharaman emphasized that this year’s budget, the first of the third term for Prime Minister Narendra Modi’s government, focuses on employment, skilling, MSMEs, and the middle class.
About Pradhan Mantri MUDRA Yojana (PMMY)
Launch and Objective
The Pradhan Mantri MUDRA Yojana (PMMY) was launched on April 8, 2015, by Prime Minister Narendra Modi to provide easy, collateral-free micro-credit of up to ₹10 lakh to non-corporate, non-farm small, and micro-entrepreneurs for income-generating activities.
Loan Providers
Loans under PMMY are provided by Member Lending Institutions (MLIs), including banks, non-banking financial companies (NBFCs), microfinance institutions (MFIs), and other financial intermediaries.
Previous Achievements
During the interim budget presentation earlier this year, it was reported that the government had extended 43 crore loans, aggregating to ₹22.5 lakh crore under the PM Mudra Yojana.
Union Budget 2024 Priorities
Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in Parliament, marking her seventh consecutive budget. She outlined the following nine priorities for the FY 2024-25 Union Budget:
- Productivity and resilience in agriculture
- Employment and skilling
- Inclusive human resource development and social justice
- Manufacturing and services
- Urban development
- Energy security
- Infrastructure
- Innovation, research, and development
- Next-generation reforms
Conclusion
The enhancement of the Mudra loan limit and the outlined budget priorities reflect the government’s commitment to fostering growth and development across various sectors, particularly focusing on empowering small and micro-entrepreneurs.
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