Bhopal, April 8 (IANS) As the nation celebrates the 10th anniversary of the Pradhan Mantri Mudra Yojana (PMMY), the transformative stories of countless beneficiaries from underprivileged backgrounds across the country are gaining widespread attention.

Launched in 2015, the PMMY has been instrumental in fostering grassroots entrepreneurship by providing collateral-free loans to micro and small businesses. The scheme has empowered individuals from the lower strata of society to pursue their dreams of self-reliance, enabling them to start and grow their enterprises.

Under the PMMY, people like tea sellers, salon owners, seamstresses, mobile repair shop owners, and mechanics have received financial support to kickstart and expand their businesses.

Among the numerous success stories, residents of the Maihar and Damoh districts in Madhya Pradesh shared how the scheme drastically changed their lives.

In Maihar, Ashutosh Pandey has become a symbol of self-reliance thanks to the PMMY.

"I started my own business with the financial assistance provided under this scheme. Today, I am not only earning a livelihood for myself but also supporting my family," Pandey told IANS.

Expressing heartfelt gratitude towards Prime Minister Narendra Modi and the government, he added: "The PM Mudra Yojana has given wings to my dreams and made me financially self-reliant. Through my business, I aim to set a positive example in society."

Similarly, in Damoh, Ajay Jain, a resident of the city, shared his inspiring journey. Once struggling to keep his gift packing and toy shop afloat, his fortunes changed after securing a loan under the PMMY.

"Three months ago, I applied for a loan of Rs 5 lakh at my nearest bank branch. After a month-long approval process, the bank transferred the amount to my account," Jain said.

With the loan amount, Jain was able to repay his debts and replenish his shop with new inventory.

"Earlier, my shop earned around Rs 500 to 600 daily. But after stocking up with new varieties, my daily income now exceeds Rs 1,000," he shared.

Jain emphasised the unique advantage of the PMMY: "The best part is that we don’t need to pledge any property or important documents as collateral. The process is hassle-free, and I am living proof of its benefits."

Narendra Soni, Lead Bank Manager in Damoh, elaborated on the scheme’s reach and impact. "In Damoh district alone, around 7,000 needy individuals have received loans totaling approximately Rs 100 crore to establish their businesses," he said.

He explained the three types of loans available under PMMY: Shishu Loan: This is the most basic loan, providing up to Rs 50,000 to help entrepreneurs start their ventures. Kishore Loan: This loan ranges from Rs 50,001 to Rs 5 lakh, designed to support business growth beyond the initial stage. Tarun Loan: Offered in the final phase, these loans range from Rs 5 lakh to Rs 10 lakh, allowing businesses to expand significantly.

"The Central government does not require any guarantee from the beneficiaries. Instead, it offers subsidies every three months based on the loan amount disbursed. Additionally, the loans are provided at the lowest possible interest rates, making them accessible to all," Soni added.

Since its inception, the PMMY has been more than just a financial scheme; it has been a catalyst for change, transforming the lives of millions across India. In Madhya Pradesh, stories like those of Ashutosh Pandey and Ajay Jain reflect the scheme’s true impact—empowering individuals to break the cycle of poverty and build sustainable livelihoods.