Comparative Analysis of the Performance of PMMY in Jharkhand and Top Ten States in India


Authors : Dr. Neelu Kumari; Nimisha Sinha

Volume/Issue : Volume 8 - 2023, Issue 2 - February

Google Scholar : https://bit.ly/3IIfn9N

Scribd : https://bit.ly/3kxqtrV

DOI : https://doi.org/10.5281/zenodo.7676764

Saving and investment are important aspects in the development of any economy and are much needed for the capital formation of the economy which is an important aspect in developing countries like India. For generating income creation of employment opportunities and self-employment is very important. For this, microfinance plays a key role in starting new businesses or small businesses. People still borrow loans from the unorganized sector at a very high-interest rate. To fulfill the need for finance, the Govt. of India launched Financial inclusion through Pradhan Mantri Mudra Yojana (PMMY) which would be instrumental to bring economic change to society. MUDRA is the ‘Micro Unit Development and Refinance Agency’. Mudra yojana is a measure taken by the Government of India to boost the financial condition of micro small and medium enterprises (MSME). The financial initiative taken by the Govt. in the form of the MUDRA scheme will facilitate the MSMEs and will be able to provide credits and funds to the unfunded to develop their small businesses. The paper throws light on the performance of the Scheme in India and also brings out the comparative performance of the Mudra Yojana in Jharkhand with other top ten states like Tamil Nadu, Karnataka, Odisha, Uttarakhand for three financial years from 2015-16, 2018-19, and 2021-22. The analysis concludes that people are getting encouraged to develop entrepreneurship by taking initiative to start their work. It reveals that the performance of the MUDRA yojana is successful under Shishu, Kishor, and Tarun Categories.

Keywords : inancial-Inclusion, Micro-Unit, Income Generation, Self-Employment, Entrepreneurship, Investment

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