The Pradhan Mantri Mudra Yojana (PMMY) is proving to be a significant support system for small business owners in Giridih, Jharkhand. Through this scheme, individuals have been able to kickstart various ventures like retail shops, tailoring units, mineral water plants, e-rickshaws, and street vending businesses without the need for collateral. This initiative has fostered a sense of self-reliance, especially among women, encouraging them to embrace entrepreneurship.
One beneficiary, Munni Kumari, residing in Giridih town, shared her journey of success. With the aid of financial support from the Prime Minister Employment Generation Programme (PMEGP) and PMMY, she established a mineral water plant that not only sustains her family but also provides employment to others in the locality. Munni’s father-in-law, Upendra Singh, expressed gratitude towards the scheme for enabling their family to venture into a successful business, improving their financial stability.
Rahul Kumar, Munni’s husband, also attested to the positive impact of the scheme on their lives. By availing a loan under PMEGP through Bank of India, he acknowledged the significant improvement in their financial situation. The quick approval process within 24 hours facilitated their business growth and stability. Sarvottam Kumar, the Branch Manager at Bank of India in Giridih, emphasized the widespread benefits of the PMMY, noting that numerous individuals, particularly women, have benefited from Mudra loans, aiding in self-employment and business success.
The PMMY, launched on April 8, 2015, offers collateral-free loans up to Rs 20 lakh to micro and small enterprises outside the corporate and farming sectors. In Giridih, this scheme has not only spurred self-employment opportunities but has also transformed lives, empowering individuals who previously struggled for livelihood to become self-sufficient entrepreneurs.
