ROLE OF PRADHAN MANTRI MUDRA YOJANA FOR THE DEVELOPMENT OF MSME

To run smoothly, all businesses should be financially strong. However, the startups or entrepreneurs need help. Taking ahead the area of Micro, Small and Medium Enterprises Development, government has launched the Pradhan Mantri Mudra Yojana (PMMY) under the Micro Units Development and Refinance Agency (MUDRA). This is a new institution being set up by Government of India for development and refinancing activities relating to micro units. The government has identified the lack of financial support as the biggest bottleneck to the growth of small business in the country. This scheme is launched keeping in mind the areas where the normal banks are unable to reach. The main objective of the present government is to empower the small micro business. This paper aims to understand how the PMMY helps the MSME sector with its various offering.