Akhilesh questions efficacy of MUDRA scheme

Lucknow: Samajwadi Party president Akhilesh Yadav on Monday launched a scathing attack on the BJP-led central government over the Pradhan Mantri MUDRA Yojana, terming it a "false scheme" that has failed to deliver any tangible economic or social impact even after a decade of its launch.

Addressing a press conference here, Yadav said, “BJP leaders never tire of promoting their schemes. Today marks a significant milestone—10 years of the MUDRA Yojana. But despite a decade, it has not left any concrete impact on society or the economy. It has become a 'juttha yojna"--scheme of false promises.” Yadav raised a series of pointed questions regarding the scheme, which provides micro-finance to small and micro enterprises.

“The public and we too have the right to ask: if 52 crore people have truly received MUDRA loans, and if even two jobs were generated per loan, then unemployment in the country should be nearly zero,” he said.

He questioned the veracity of the data presented by the government from time to time, alleging a lack of transparency in the methodology and figures.

“No one can beat BJP in data manipulation. But where do these numbers come from? What is the methodology? There’s no clarity,” he added.

Yadav sought accountability on multiple fronts, including the total disbursement under the scheme and whether there had been any audit of the Rs 35 lakh crore reportedly distributed so far.

“Was any audit ever conducted? Did any of these enterprises actually make a profit or pay income tax? If so, how much?” he asked.

He also raised concerns about GST compliance among MUDRA loan recipients.

“If 52 crore people were given loans, did they register for GST? How much GST has the government collected from them?” Yadav asked.

Accusing the ruling party of using government schemes as a façade, Yadav said, “This scheme appears to have become a medium to transfer money from banks to select people. Will the government answer these questions, or will the banks?” He further alleged that the BJP diverts attention from its policy failures by stoking communal issues.

“To hide the failure of its schemes, the BJP is undermining the Constitution, disregarding democracy and the rule of law,” Yadav claimed.

Taking a jibe at the allocation of MUDRA loans, the SP leader questioned if the funds had truly reached small entrepreneurs or ended up with big industrialists.

“If Rs 35 lakh crore came to the country, and the largest portion to Uttar Pradesh, where MSMEs are in the highest number, then why hasn’t it significantly boosted our economy?” he asked.

Commenting on the share market crash after tariff hikes, Yadav said, "The government should take initiatives like the US and impose restrictions on China".

Stock market benchmark indices Sensex and Nifty cracked over 5 per cent on Monday, in tandem with massive sell-offs across the board, as US President Donald Trump's tariff hikes and retaliation from China fuelled investors' jitters amid fears that a full-blown trade war will impact economic growth across the globe.