Rs 33 lakh crore of collateral-free loans sanctioned, 68% beneficiaries women: Minister

Nagpur: Union minister Pankaj Chaudhary on Monday said more than Rs 33 lakh crore of collateral-free loans have been given to 52 crore people under Mudra Yojana for starting businesses and 68 per cent of the beneficiaries are women.

The Minister of State for Finance was addressing a gathering at the valediction ceremony of the 77th batch of Indian Revenue Service (IRS) officers at the National Academy of Direct Taxes in Nagpur.

Talking about the country's vision for economic development, he said, "In the last ten years, our government has given more than Rs 33 lakh crore of collateral-free loans to 52 crore people. These loans ranged from Rs 50,000 to Rs 20 lakh."

"Today, people have started new business ventures with the help of these loans and are making their contribution in the economic development of the country," the minister said.

Women comprise 68 per cent of these collateral-free loan beneficiaries and they have started new businesses, he said.

In the last 10 years, the government has been continuously increasing infrastructure budget, resulting in a huge development in rural and urban areas, Chaudhary said.

Addressing the IRS officers, he said they will play a very important role in Prime Minister Narendra Modi's aim of making India a developed nation by 2047.