Collateral-free loans help 52 crore Indians grow

Nagpur

Union Minister of State for Finance, Pankaj Chaudhary, said on Monday that over Rs 33 lakh crore in collateral-free loans have been given under the Mudra Yojana scheme in the last ten years. These loans have helped 52 crore people start businesses, and 68 percent of the beneficiaries are women.

Chaudhary made this announcement while speaking at the closing ceremony of the 77th batch of Indian Revenue Service (IRS) officers at the National Academy of Direct Taxes in Nagpur.

He explained that the Mudra loans range from Rs 50,000 to Rs 20 lakh and are provided without the need for any security or collateral. These loans have helped many people, especially women, to launch new businesses and contribute to the country’s growing economy.

"Today, many citizens are self-employed and creating job opportunities for others because of these loans," the minister said.

He also shared that the government has steadily increased spending on infrastructure in the past decade, leading to major development in both rural and urban parts of India.

Chaudhary encouraged the new IRS officers to support the government’s goal of transforming India into a developed country by 2047, a key vision of Prime Minister Narendra Modi.

He stressed that these officers will have a big responsibility in the country’s growth by ensuring strong tax systems and supporting honest taxpayers.

The minister praised the success of women in business and highlighted the government’s efforts to create more inclusive economic opportunities for all citizens.