Mudra scheme critics underestimate common man's capabilities: PM Modi

Prime Minister Narendra Modi said on Thursday the "new India" is moving ahead with new policies and strategies, and his government is working proactively in matters of technology and infrastructure, shunning the "reactive approach" of the past.

In a video address to a 'Rozgar Mela', Modi asserted the 'Mudra' loan project for small and micro enterprises has created over eight crore new entrepreneurs, and the government's policies and strategies have opened the doors to new possibilities.

He also took a swipe at those who "consider themselves big economists" and gave "loans on phone" to big businessmen but are "ridiculing" the scheme.

Though he named no one, his swipe was apparently aimed at Congress veteran and former finance minister P Chidambaram who recently questioned the 'Mudra' scheme and wondered what kind of businesses can be started with a loan of Rs 50,000.

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Modi said Rs 23 lakh crore loan has been given under the scheme with 70 per cent of beneficiaries being women.

Microfinance does a lot in strengthening grassroots economy but some people who consider themselves big economists never realised this and they don't understand the capabilities of the common man, he said.

At the programme, appointment letters were given to 71,506 recruits in different ministries and departments.

Modi cited many development figures to underline the scale of change since he came to power in 2014.

Only 20,000 km of rail line was electrified in the seven decades till 2014 but the figure is 40,000 km in the last nine years, he said, adding that against only 600 metre of metro line built per month earlier, it is six km now.

The rural road length was 4 lakh km till 2014 but is now 7.25 lakh km while 6 lakh km optical fibre has been laid in villages, he said.

There are 148 airports against 74 earlier and the capital expenditure has risen by four times, Modi added.

The massive infrastructure work going on is creating huge employment and self-employment opportunities, he said.