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Only 1 in 5 Mudra Loan Borrowers Launched New Enterprises, Few Created Jobs
September 06, 2019
According to a survey by the Labor Ministry, only 20% of Mudra loan beneficiaries used the money to launch a new business. Most of the borrowers used the funds for expanding existing businesses.
The report on Pradhan Mantri Mudra Yojana said that 11.2 million jobs were created during April 2015-December 2017 i.e. during 33 months post the launch of the scheme. However, these jobs made for less than 10% of the total number of loans that were disbursed.
Photo credit: markhillary on Visual hunt / CC BY
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