Sidhartha Shuklamoneycontrol.comIn his Budget speech on Monday, Arun Jaitley reported that an amount of Rs 1 lakh crore was sanctioned to 2.5 crore borrowers by February 2016 under the PM Mudra scheme and has proposed an increased allocation of Rs 1.80 lakh crore for the same.
Small and medium enterprises (SME) are the backbone of the economy, contributing an estimated 8 percent of GDP, 45 percent of manufacturing output and 40 percent of exports.
In last year’s Budget, Finance Minister, Arun Jaitley created the Micro Units Development Refinance Agency (Mudra) Bank, with a corpus of Rs 20000 crore and a credit guarantee corpus of Rs 3000 crore.
