Will the government help in doing business?
Every person dreams of starting his own business someday, but due to a lack of money and resources, this idea often remains just a thought. As a solution to this problem in india, many such schemes are being run by the central government which helps those doing business.
When it comes to micro, small-medium enterprises (MSMEs) and startups, the government of india is very clear. The government wants the contribution of MSMEs to the country's GDP to increase from 29% to 50% by 2024, providing employment to 15 crore Indians. This is the reason why many government schemes have been started to start your own business.
Pradhan Mantri Mudra Yojana
Pradhan Mantri Mudra Yojana, launched by PM Modi, is a unique initiative to empower indian entrepreneurs. Under this scheme, Micro Units Development and Refinance Agency (MUDRA) banks and various financial institutions provide loans at low interest rates. Its main objective is to provide easy business loans to startups and micro, small and medium enterprises (MSMEs).
Under the Mudra scheme, entrepreneurs get an opportunity to take a business loan of up to Rs 10 lakh. Three categories of businesses have been determined in this scheme, which are eligible to get loans:
Shishu: This category is for new businesses, in which loans up to Rs 50,000 can be obtained.
Kishor: This category includes middle-aged businesses, for which loans up to Rs 5 lakh are available.
Tarun: This category is for existing and experienced businesses, in which loans up to Rs 10 lakh can be obtained.
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