Mudra Yojana in Arunachal Pradesh
Get the Basics Right
Yojana is a term in Hindi that is used to describe an idea or a plan that when executed yields better results. Mudra is the acronym for Micro Units Development and Refinance Agency. This Mudra Yojana has been the talk of the town for quite a while. Is it just because our Prime Minister, Narendra Modi, has taken advertising to a whole new level with his campaigning? No, certainly not. It is because of the benefits that the people will receive from the government as a part of the Pradhan Mantri Mudra Yojana program that has got people talking. MUDRA Bank is one of the newest additions to the government of India made for the development and appraisal of small businesses that are struggling to flourish in this corporate world. The sole purpose is to fund small, non-corporate businesses to push them further up in the economic scale. A good move!
Its Basic Introduction
Now that you know about the Mudra Yojana let’s make a move towards the more obvious question. Everyone here would agree that many plans have gone waste, and only a few of them are still existing and running. So, why this? Why now? Hopefully, with all positivity, this time, this is not another Yojana that has come to leave, but one that has come to stay. ‘Why now’ is better explained by the fact that Indian small businesses these days are shutting down due to heavy international competition, and with the proximity of FDI Act nearing its completion, the total Indian business market may die. Hence, this Yojana has been implemented by the Prime Minister, Narendra Modi, in all states.
Since this Yojana is relatively new, it has not yet reached its nadir. However, it is certainly bent at reaching its peak very soon. Places like Arunachal Pradesh desperately needed this and got it. The government has implemented this plan to empower more than 150,000 small businesses and push them to compete. The Indian government had mobilized almost 157 million USD for this purpose on September 1, 2015.
The reach that this Yojana will have is yet to be known due to it being relatively a new program. The Prime Minister, Narendra Modi, has stressed the importance of the small business owners to the economy, and that their contribution is vital in the overall growth of the economy.
Who Will Benefit?
Nowadays, small scale industries have expounded in number and to sustain them, there is a need for programs like these. Cottage industries, social entrepreneurial groups, etc. will benefit by this. The Prime Minister, Narendra Modi, was also quoted saying that it was the integrity of the poor people that prompted this move, and that these funds will be spent in the most rational manner possible. He was also quoted saying that many industries just need that little extra help to help them grow exponentially and also said that through this Yojana, it is possible.
Directly and indirectly benefitting farmers’ lives was a major factor behind this. By giving advertising rights, business platforms, and other invaluable value additions to small entrepreneurs, they can help farmers in maintaining a better life scale of crops. Concrete growth is what everyone wants, and that is what this Yojana’s potential is. Use it wisely and before anyone knows, India might be the greatest economy in the world.
What does this Change?
Well, there is going to be a change in perspective. A perspective that everyone here believes is true. That is, large multinational companies employ more. However, stating facts, it accounts only for ten percent of the people employed. The rest are either in governments, or running small businesses, or have no job at all. The Prime Minister, Narendra Modi and many businesses expect that by this major job opportunities in smaller fields will be born, which will benefit the people and the economy together. Huge companies have facilities that enable them to grow, but small companies need manpower, and first of all, principal amount. When these are provided, there is no reason to think that this Yojana will work counteractively.
The Mudra Bank is set up to offer loans, at a minimal interest to small businesses which will, in turn, benefit from it, especially in regions like Arunachal Pradesh, where the local lender extracts too much of interest for a very less amount. Arunachal Pradesh will be one place that benefits from this amazing Yojana. The Mudra Bank is not a physical bank, to be exact; it is an amalgamation of all banks that offer this Yojana to the common man. State Banks, UCO, IDBI, and many such banks come under this plan. Therefore, approaching any such bank nearby would help you in getting greater insights about this idea. Since this Yojana is new, it might take a while for all the branches in Arunachal Pradesh to be well informed.