Empowering Micro-Entrepreneurs: Success and Challenges of PMMY

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The Pradhan Mantri Mudra Yojana (PMMY), launched on 8 April 2015, aims to enhance financial inclusion by providing collateral-free loans to micro-enterprises. It addresses the credit gap for 5.77 crore micro-units, often reliant on informal lenders, through categorized loans: Shishu (up to ₹50,000), Kishor (₹50,000–₹5 lakh), and Tarun (₹10–20 lakh). With over ₹40 lakh crore disbursed, predominantly benefitting women, PMMY has made significant strides, but faces challenges like rising NPAs....