TOPICS TO BE COVERED
• MUDRA 2.0
• NATIONAL SPORTS DAY
• MCQs
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MUDRA 2.0
The Pradhan Mantri MUDRA Yojana (PMMY) was launched in 2015 to support entrepreneurship by providing collateral-free micro-loans. The scheme was initially designed to offer loans up to ₹10 lakh to small and micro-enterprises. The Union Budget 2024 has increased the loan limit for the Tarun category to ₹20 lakh, signaling an upgrade to MUDRA 2.0
ABOUT PMMY
Overview:
• Initiative: Pradhan Mantri Mudra Yojana (PMMY) is a flagship program by the Government of India.
• Launch Year: 2015.
• Aim: To provide affordable credit to micro and small enterprises.
• Objective: To integrate underserved enterprises into the formal financial system by offering easy access to credit.
Key Features:
• Goal: "Fund the unfunded" by enabling small borrowers to secure loans from various financial institutions.
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• Financial Institutions: Public Sector Banks (PSBs), Regional Rural Banks (RRBs), Cooperative Banks, Private Sector Banks, Foreign Banks, Micro Finance Institutions (MFIs), Non-Banking Financial Companies (NBFCs).
LOAN DETAILS
• Loan Amount: Up to ₹10 lakh for non-farm income-generating activities.
• Sectors: Manufacturing, processing, trading, and services.
• Eligibility: Any Indian citizen with a viable business plan for a non-farm sector incomegenerating activity requiring credit below ₹10 lakh can apply.
CATEGORIES OF LOANS
• Shishu:
• Loan Amount: Up to ₹50,000.
• Target: New and micro enterprises.
• Kishore:
• Loan Amount: ₹50,000 to ₹5 lakh.
• Target: Businesses in the growth phase.
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• Tarun:
• Loan Amount: ₹5 lakh to ₹10 lakh.
• Target: Businesses looking to expand further.
ACHIEVEMENTS OF MUDRA 1.0
• Loan Disbursement: Over ₹27.75 lakh crore disbursed to 47 crore small and new entrepreneurs.
• Inclusivity: About 69% of loan accounts are held by women, and 51% are from SC/ST and OBC communities.
• Job Creation: Significant impact on the grassroots economy, promoting self-employment and small business development.
CHALLENGES
• Unequal Distribution: Disbursement concentrated in a few districts, with the top 10 districts receiving over ₹26,000 crore, while the bottom 318 districts received the same amount in FY 2021-22
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• Non-Performing Assets (NPAs): NPAs decreased from 3.61% in FY21 to 2.1% in FY24
Highest NPAs observed in Kishore (₹50,001 to ₹5 lakh) and Shishu (up to ₹50,000) categories.
• Financial Literacy: Only 27% of the population is financially literate, contributing to loan defaults and mismanagement.
• Monitoring and Implementation: Inadequate oversight led to misuse of funds and inconsistent credit distribution.
KEY PROPOSALS IN MUDRA 2.0
• Focused Outreach and Empowerment Zones: Establish centres in rural and semiurban areas providing financial literacy programs, mentorship, and business support.
• Financial Literacy Programs: Nationwide initiatives to educate on budgeting, savings, credit management, investment strategies, and digital literacy. Aim to reduce default rates and improve the financial health of entrepreneurs.
• Enhanced Credit Guarantee Scheme (ECGS): Introduce ECGS to encourage banks to lend more by providing credit guarantees, thereby reducing the risk for financial institutions.
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• Robust Monitoring and Evaluation Framework (RMEF): Implement technology-driven systems to track loan disbursements, utilization, and repayments in real-time. Include beneficiary impact assessments to measure socio-economic outcomes and guide policy improvements.
• Data Analytics and Beneficiary Tracking: Utilize data analytics to identify and support enterprises in need of assistance. Improve targeting and allocation of resources based on data-driven insights.
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NATIONAL SPORTS DAY
Why in News?
• National Sports Day is observed on August 29 to honor Dhyan Chand, who is celebrated as India’s first sporting superstar and a legendary figure in hockey.
• His extraordinary achievements and contributions to Indian sports are remembered and commemorated on this day.
1. Early Life and Career:
• Birth: Dhyan Chand was born on August 29, 1905, in Allahabad, India.
• Sport: Renowned for his exceptional skills in hockey, Dhyan Chand is often referred to as the "Wizard of Hockey."
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2. Olympic Achievements:
• 3 Consecutive Gold Medals: Dhyan Chand led India to victory in 3 consecutive Olympic Games:
• 1928 Amsterdam Olympics: India won the gold medal, defeating the Netherlands 3-0 in the final.
• 1932 Los Angeles Olympics: India achieved a stunning 24-1 victory over the United States in the final.
• 1936 Berlin Olympics: India clinched the gold medal with an 8-1 victory over Germany.
• Scoring Record: Dhyan Chand scored 33 goals in 12 Olympic matches, averaging nearly 3 goals per game.
3. Notable Anecdotes and Stories:
• Suspicion of Magic: There are apocryphal tales suggesting that Dhyan Chand’s remarkable ball control led to suspicions of a magnet hidden in his stick. His skill was so exceptional that such stories emerged.
• Offer from Hitler: During the 1936 Berlin Games, German Chancellor Adolf Hitler reportedly offered Dhyan Chand German citizenship and a position in the German Army, which Dhyan Chand declined.
4. Impact on Indian Sports:
• Symbol of National Pride: Dhyan Chand's achievements occurred during India's preindependence era, symbolizing pride and resistance against colonial subjugation. His success on the international stage made a significant impact on national pride.
• Hockey Dominance: Dhyan Chand’s era marked India’s dominance in hockey, with India winning seven of the eight Olympic gold medals in hockey from Amsterdam 1928 to 1956. His contributions made hockey India’s most successful sport in the Olympic arena.
5. Legacy and Recognition:
• National Sports Day: August 29 is celebrated annually as National Sports Day in honor of Dhyan Chand.
• Awards and Honors:
• Rajiv Gandhi Khel Ratna Award: In 2021, the Indian government renamed the Rajiv Gandhi Khel Ratna Award, India’s highest sporting honor, to the Major Dhyan Chand Khel Ratna Award.
• Major Dhyan Chand National Stadium: The National Stadium in New Delhi was renamed in his honor in 2002.
• Lifetime Achievement Award: A lifetime achievement award in sports was also named after him.
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MCQs
1. In which year was the PM Mudra Yojana launched?
(A) 2014
(B) 2015
(C) 2016
(D) None of the above
Ans. (B)
2 Consider the following statements and mark the correct one:
1. PM Mudra Yojana aims at enhancing the financial inclusion in the country.
2. PM Mudra Yojana is suffering from NPAs.
(A) Only 1
(B) Only 2
(C) Both 1 & 2
(D) Neither 1 nor 2
Ans. (C)
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3 Fiil in the blanks with the most appropriate option wrt Financial Inclusion:
“Banking the unbanked, Funding the Unfunded,................................”
(A) Employing the unemployed.
(B) Skilling the unskilled.
(C) Educating the uneducated.
(D) None of the above
Ans. (D)
4 National Sports Day is celebrated on the birth anniversary of which famous sports personality?
(A) Dara Singh
(B) Milkha Singh
(C) Dhyan Chand
(D) None of the above.
Ans. (C)