Union Minister for Urban Development, M. Venkaiah Naidu, on Friday underscored the importance of the ‘Pradhan Mantri Mudra Yojana’ to help the poor get access to bank loans.
Aimed at helping those from the Scheduled Castes and Tribes, minorities and women in particular, he said the scheme would help traders and small entrepreneurs acquire much-needed financing and get them away from the debt trap of private money-lenders.
On Friday, at a function organised to launch a week-long credit campaign, he said banks extended financial assistance only to big industries, depriving micro and small enterprises.
Citing statistics, Mr. Naidu said while the big industrial units and companies employed about 1.25 crore people across the country, the micro, small and medium entrepreneurs provided jobs to a whopping 12 crore persons. “Our focus is very clear,” the Union Minister asserted, adding that they were adopting the saturation approach to help anyone and everyone.
