Finance Minister Arun Jaitley today said the government's intent is not to give any tip to people but to make them economically self-sufficient and live a life of dignity. In a Facebook post, Mr. Jaitley said, the Micro Units Development and Refinance Agency(MUDRA) scheme will be a game changer over the next few years in this direction. <br/><br/>He said the country may not be able to provide employment to all but the economy will be strong enough to provide resources to the weakest to enable them to be self-employed. <br/>Last week, a mega credit drive was launched under the MUDRA scheme, under which loans between 50 thousand rupees to ten lakh will be provided to the unfunded sections of the society. Twenty four thousand crore of loans have already been distributed to 37 lakh beneficiaries under the scheme. The Finance Minister said this year the number of beneficiaries expected to cross 1.5 crores. <br/><br/>He said MUDRA targets six crore beneficiaries who need to be developed into India's small entrepreneurs. The Finance Minister said past experience has indicated that the recovery rate for such micro finance and similar loans is exceedingly high and the defaulter are few.
News On AIR | September 27, 2015 8:42 PM
Government's intent is to make people economically self-sufficient, says FM Jaitley