Examining the Interrelation Between Microcredit, Entrepreneurship and Women’s Empowerment: An Insight into the Effectiveness of Pradhan Mantri Mudra Yojana (PMMY)

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The present research unleashes the interrelation between microcredit, entrepreneurship and women’s empowerment in the context of Pradhan Mantri Mudra Yojana (PMMY). In light of this, a structured questionnaire designed to capture the study’s features was given to woman respondents who were residents of the six administrative regions of Haryana in order to gather their responses. The study takes into account 360 respondents. Primary data were collected from July 2023 to March 2024. Logit and ologit regression models were used to evaluate how strongly the chosen variables related to women’s employability. Wilcoxon sign test, a non-parametric test, has been used to determine whether the well-being of the woman respondents differed between the two stages (pre and post Mudra loan). The outcomes of the study revealed that there is a positive interconnection between microcredit, entrepreneurship and women’s empowerment. Further, there has been a considerable increase in the respondents’ economic, social, political and psychological empowerment when compared to the pre- Mudra loan phase. Moreover, the results showed that credit assistance under PMMY schemes helps in job creation.