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MUDRA Yojana: what is it? How is it beneficial for micro-enterprises? How is it different from the normal loans? We have all the answers!
MUDRA Yojana was launched in the year 2015 by the Government of India to help micro-enterprises. It’s a developing step in the progressive economic development of India.
It comes under the Non-Banking Financing Institution – Micro Units Development and Refinance Agency (MUDRA) Bank. When we say it’s a Non-Banking Financing Institution, it simply means that it provides financial aid, but it does not have any banking licence.
Now, you might have questions about how this loan lending and borrowing works. How is it beneficial for micro-enterprises? How is it different from the normal loans?
MUDRA (Micro Units Development and Refinance Agency) Banks give loans indirectly to consumers. They provide money to financial institutions like cooperative institutions.
Now, consumers take loans from such institutions. MUDRA Yojana aims to provide funding to the non-corporate small business sector. This government scheme consists of three types of loans based on the requirement of the money you need for your business.
Many people sometimes experience hesitation to take loans directly from banks, this is because they believe that you don’t have collateral, which means, assets that they show to take a loan from the bank.
Similarly, small entrepreneurs feel like there is a risk in taking loans from banks as banks demand high interest and also want you to give collateral to get a refund for any future losses. Situations like these prevent small businesses to flourish and hamper their growth.
As India is a densely populated country, that indicates that there would be a future requirement for jobs and livelihood opportunities. Keeping this in mind, we can also say that if small business boom, it will also help in generating employment for a lot of people, especially people coming from rural areas who shift to urban areas to get jobs.
Moreover, the scheme has other advantages like an increase in GDP and a boost to Indian Economy in the long run, this is possible because India is not just one of the biggest consumer markets but one of the biggest producer markets in the world.
But the major portion of their share belongs to the Shishu category, according to the paper of the International Journal of Advance and Innovative Research. It’s because of the history of socio-economic backwardness faced by them.
Keeping the above arguments in mind, we can say, that Mudra Yojana is a long-term and inclusive initiative in the world of finance and entrepreneurship by the government of India. It can be perceived that because of the dispatch of this plan, monetary consideration has expanded towards a positive heading, despite the growth in the minority sector is still not remarkable.
It is important to understand that any policy that is introduced by the government needs to be implemented properly at ground level, only then it will bring change.
Image source: Industrial Photographer, free and edited on CanvaPro
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UP Boards Topper Prachi Nigam was trolled on social media for her facial hair; our obsession with appearance is harsh on young minds.
Prachi Nigam’s photo has been doing the rounds on social media for the right reasons. Well, scratch that- I wish the above statement were true. This 15-year-old girl should ideally be revelling in her spectacular achievement of scoring a whopping 98.05% and topping her tenth-grade boards. But oddly enough, along with her marks, it’s something else that garners more attention – her facial hair.
While the trolls are driving themselves giddy by mocking this girl who hasn’t even completed her school yet, the ones who are taking her side are going one step ahead – they are sharing her photoshopped pictures, sans the facial hair, looking nothing less than a celebrity with captions saying – “Prachi Nigam, ten years later”.
Doctors have already diagnosed her with PCOD in their comments, based on photographic evidence. While we have names for people shamed for their weight – body shaming, for their skin colour- racism, for their age- age shaming, for being a female- sexism, this category of shaming where one faces criticism for their appearance has no name. With that, it also has zero shame attached to it.
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