KARUR: In the heart of Tamil Nadu, entrepreneurs are crafting success stories from the ground up, thanks to the Pradhan Mantri Mudra Yojana (PMMY), with the ambitious government initiative, launched by Prime Minister Narendra Modi, aiming to fuel entrepreneurial spirit by offering financial support to small businesses across India.
One such success story is that of Kaviyanand Bharathi, a young engineer from Karur. After completing his engineering degree, Bharathi found himself uncertain about his career path. The turning point came in 2017 when he discovered the PMMY and decided to venture into the world of business. Using the scheme’s funding, Bharathi launched a company producing natural products like coconut oil and groundnut oil.
Since then, his business has flourished. Bharathi not only repaid his initial loan on time but has also secured additional funding to expand his operations. Grateful for the opportunities the scheme provided, he has become a beacon of inspiration for other aspiring entrepreneurs in his community.
"I encourage my fellow youth to make the most of PMMY and take the leap into entrepreneurship," Bharathi told IANS.
Locals, like Siva Subramaniam, have expressed their appreciation for Bharathi’s products, noting that they are crafted using traditional, natural methods, making them a healthier choice.
The PMMY, a key initiative of the Centre, offers loans up to Rs 10 lakh to small, income-generating businesses in sectors like manufacturing, trading, and services. It is designed to support micro-enterprises in agriculture and allied activities, such as poultry and dairy farming. Beneficiaries are classified into three categories: SHISHU, KISHORE, and TARUN, based on their business’s growth stage and financial needs.
The loans under Pradhan Mantri Mudra Yojana can be availed through eligible Member Lending Institutions (MLIs), which include public and private sector banks, state-operated cooperative banks, rural banks from the regional sector, microfinance institutions (MFI), non-banking finance companies (NBFCs), small finance banks (SFBs), and other financial intermediary approved by Mudra Ltd.
This transformative scheme is giving countless entrepreneurs like Bharathi the chance to thrive and make a difference in their communities.