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Everything You Need to Know About Mudra Yojana From GOI

There is a popular misconception that Indians are not keen to initiate or run a business

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Everything You Need to Know About Mudra Yojana From GOI
Everything You Need to Know About Mudra Yojana From GOI.
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The country is riding a new economic growth wave led by the new government. The buoyant markets, shining SME and MSME sectors are bearing the testimony of this new revolution. While speaking at a global economic forum, Prime Minister of the country spoke about the economic renaissance that the nation is witnessing. He said that the MSME sector would play the role of a catalyst in changing the financial climate of the country. Reports tabled by different research agencies suggests that the MSME and SME sector will grow manifold in the coming few years. Recent research tabled by ICRA revealed that the credit to micro and small, medium enterprises is likely to record a growth of more than 12 percent in the forthcoming years. The NBFCs is expected to play a major role. The report said that the NBFC and housing finance segment’s CAGR would grow at a rate of 21 percent

There is a popular misconception that Indians are not keen to initiate or run a business. The trend is rather different where people are more interested in beginning something of their own which will be sustainable and profit. This has been the major driving force behind the growth of SME sectors. Interestingly, there are ample examples where people have considered full time business with the start-up if it looks promising with the mode of functioning and the returns. No doubt, availability of finance and access to technology are key to the gradual transformation of such.

Narendra Modi
Narendra Modi (Wikimedia Commons)

Financial support is one aspect which demands closer introspection in India. To some extent, many Indian start-ups don't get the much-needed small business loans from financial institutions, and ultimately the entire business goes under. The whole issue of sustainable SMEs is closely intertwined with easy finance. In this regard, the Pradhan Mantri Mudra Yojana (PMMY) has been a game changer of all sorts. Within a year of its launch, it has been instrumental in giving small business loans to 1.5 crore new entrepreneurs all over the country. As of now, 3.22 crore new as well as existing entrepreneurs have been sanctioned loans under PMMY. Importantly enough, women entrepreneurs account for about 78 per cent (or 2.52 crore) of the total number of borrowers which is a giant leap towards a gender sensitized ecosystem and women empowerment in the true sense of the term.

The best aspect of the Mudra Yojana is the coverage it provides for the entrepreneurs. The
budding entrepreneurs can apply for loans for purchasing vehicles for goods and personal
transport; starting/ expanding saloons, beauty parlours, gymnasium, boutiques, tailoring shops, dry cleaning, cycle and motorcycle repair shop, DTP and photocopying facilities, medical stores; for undertaking activities such as papad/ pickle/ jam/ jelly making, small service food stalls and day to day catering or canteen services. Loans under PMMY are unique considering the bigger domain it is catering to at present. Even micro entrepreneurs are eligible to opt for such. From another perspective, the inclusive nature of the government policy regarding financial and banking institutions have complemented the efforts. In this regard, the Pradhan Mantri Jan Dhan Yojana, which got recognition from the Guinness Book of World Records for “most bank accounts opened (1.80 crores) in one week as part of the Financial Inclusion Campaign from August 23 to 29, 2014, has been key to financial inclusiveness and transparency across the country. The latest MUDRA (Micro Units Development & Refinance Agency Ltd) data has underlined that in the last 12 months, banks and microfinance institutions have sanctioned and disbursed loans aggregating Rs 1.28 lakh crore and Rs 1.22 lakh crore, respectively, which has been a big blessing to the SME sector. Interestingly, out of this, the sanctions and disbursement to women entrepreneurs are at Rs 59,132 crore and Rs 58,000 crore, respectively.

There is no denying the fact that the Mudra Yojana, which has been catering to young
entrepreneurs with small business loans, have changed the domain of MSMEs and SMEs in
India to a considerable extent. The whole framework has consistently ensured credit flow in the market. No doubt, the smooth flow of credits from financial institutions to entrepreneurs has changed the face of Indian economy and can be said that the approach has strengthened the vibrant Indian economy.

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Star ICC Asks Anonymous Accuser Of Sexual Assault Charges To Step Forward

The accuser said that while she was at the company, there were "clear instructions" given to make the sales team fulfil the targets.

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Star ICC
#MeToo: Star India internal panel writes to anonymous accuser to come forward

The Internal Complaints Committee of Star India on Sexual Harassment (Star ICC) has written to the anonymous accuser — who had alleged “sexual exploitation” of women employees — asking her to reach out to the committee or its external member on allegations made by her in tweets.

In a Twitter post on Friday, Star ICC, formed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 said it had reached out to the accuser through two emails on the ID provided by her through her tweets. The committee’s external member is Veena Gowda, a Mumbai-based woman rights lawyer.

The accuser, who tweeted through handle @ApurvaS17 — saying she would remain anonymous — had made sexual harassment allegations against the company’s officials in an open letter.

Star ICC
Star believes that the allegations made in the tweet without the complainant coming forward and giving any further detail, is a malicious attempt.

Asked to comment on the allegations, a Star India spokesperson said in a statement that despite no response by the anonymous accuser to the messages sent, the Star ICC had “suo moto conducted a preliminary inquiry and found no basis or factual accuracy” in respect of the allegations.

“We strongly urge any genuine complainant to approach the Star ICC. At Star, we stand with women in drawing the line on any behaviour that violates human dignity or the ability for women to pursue their dreams with respect and freedom. We have a zero-tolerance policy towards sexual harassment,” read the statement in response to an email query by IANS.

It also said that the anonymous tweet shared on October 13 raised an allegation that “runs completely counter to everything we believe in and the norms and values that we deeply embrace.”

The statement further said: “Star believes that the allegations made in the tweet without the complainant coming forward and giving any further detail, is a malicious attempt to malign and defame the reputation of the company and the CEO.” It said that Star reserves its right to initiate appropriate legal proceedings in this regard.

Star ICC
The Star ICC had “suo moto conducted a preliminary inquiry and found no basis or factual accuracy.

The accuser in her tweets had said that the #MeToo movement had encouraged her to come forward and that she had quit her job at Star India in the Airtime Sales section after 26 months and nine days and was now a homemaker, “taking care of my baby and hubby in a beautiful country, far away from Mumbai.”

The accuser said that while she was at the company, there were “clear instructions” given to make the sales team fulfil the targets in case they want to continue with their employment contract, “for which even if you have to take the clients to a hotel room and sleep with them for days.”

She said there were many instances when she and three of her female colleagues (interns) had clear instructions to reach a hotel after office hours for a private party hosted for influential friends.

Also Read: India’s Junior Foreign Minister M.J. Akbar Quits Following #MeToo Harassment Allegation By Women

She says the influential friends were “mostly bureaucrats and sometimes politicians and foreign nationals” who were “all ready to violate you, force you to dance against your wishes, drink with them, make drink(s) for them, exchange your numbers and even quietly accompany them to their respective rooms if they want you to”.

Veteran writer-director Vinta Nanda, who earlier this month accused actor Alok Nath of sexually violating her 19 years ago, wrote on Twitter: “I’m neither shocked nor surprised. I salute your courage to have come out and spoken out. The rot runs deep.” (IANS)