New Delhi

Prime Minister Narendra Modi on Wednesday said the Pradhan Mantri Mudra Yojana has played a key role in boosting entrepreneurship across the country by widening access to credit and supporting people’s aspirations.

Marking 11 years of the scheme, Modi said it has transformed how small borrowers access finance, enabling millions to pursue their ambitions with greater confidence. In a post on X, he noted that by reducing traditional barriers, the initiative has helped foster a stronger entrepreneurial culture nationwide.

He added that the scheme reflects an economic approach where opportunities are more inclusive, innovation is encouraged, and individuals are given the support needed to grow their ideas. Highlighting its impact, Modi pointed to the positive outcomes for the country’s youth and women.

The government’s citizen engagement platform, MyGovIndia, also shared insights into the programme’s impact, noting that meaningful economic change often begins with small financial support and grassroots innovation. It said the scheme has enabled collateral-free loans, reduced reliance on informal credit systems, and improved financial inclusion and credit discipline at the local level.

According to the platform, first-time entrepreneurs — particularly women and individuals from underserved communities — are increasingly starting businesses, leading to job creation and the gradual formalisation of small enterprises.

Describing the initiative as a sustained support system for entrepreneurial growth, MyGovIndia said the scheme has helped convert more than 52 crore job seekers into business owners over the past decade.

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Launched in 2015, the Pradhan Mantri Mudra Yojana provides loans of up to Rs 10 lakh to small and micro enterprises, with a focus on young, skilled individuals and women entrepreneurs, while also supporting the microfinance ecosystem.