The impact of Pradhan Mantri Mudra Yojana on the socioeconomic development of women in India: A study of Delhi-NCR

Abstract

The holistic growth of a country is attributed to the factors such as social wellbeing, socioeconomic development other than economic development. Thus, to achieve vigorous economic growth, a well-structured program should be placed which aims to alleviate poverty and empower people by providing them easy access to factors of production, particularly capital. Planned interventions have been made by the governments to target the problems at the grassroot level and uplift the weaker sections of the society. One such program is microfinancing programme which channelises the energy of our youth into productive activities by providing them the necessary financial support. The Indian government has launched a scheme called Mudra Yojana which is concerned with the upliftment of women and development of small and medium sector enterprises. Thus, our present study aims to investigate the impact of mudra yojana on the socioeconomic growth and development of women in India. Primary data is collected from around 300 female respondents through telephonic interviews for the purpose of our analysis. The results of the graphical and tabulation analysis of the data indicate a positive role of mudra in improving the status of women in our society. Mudra loan has made women financially independent and helped them establish their own business. Many respondents have also reported an increase in their monthly household income and savings after taking loan.