“Don’t Worry, Income Tax Officer Won’t Come”: PM Modi Jokes with a Mudra Yojana Beneficiary

Recently, Prime Minister, Narendra Modi, discussed about his happy moments with a Mudra Yojana beneficiary on Tuesday. In his meeting, he assured him that he would not get stuck in any sort of trouble with the income tax department due to the dramatic growth in his income because of this scheme.

The moment happened when PM Modi met with a group of beneficiaries from around the country at his home to celebrate 10 years of the Pradhan Mantri Mudra Yojana (PMMY).

In a post on X (formerly Twitter) before the meeting was shown, the Prime Minister said the beneficiaries shared interesting stories about how the scheme has changed their lives.

In his post of X, he shared, “To mark #10YearsOfMUDRA, I had invited Mudra beneficiaries from all over India to my residence. They shared fascinating insights on how this scheme has transformed their lives.”

Among the highlights of interactions with PM Modi, one was related to an interaction with a man from Kerala, who shared how loans from this scheme have helped him grow his business and earnings. During the conversation, the man shared how his income has frequently increased using this scheme and how much he earns per month. Then, PM Modi asked the man about his income. The man took a little break in the conversation. PM Modi jokingly said, “Daro mat, income tax waala nahi aaayega”. The income tax department will not bother. The man then disclosed his income. He said his income is Rs. 2.5 Lakhs per month.

PM Modi celebrated the 10th anniversary of the Pradhan Mantri Mudra Yojana by inviting beneficiaries to his home, highlighting how the scheme has changed lives.

One of the beneficiaries, Gopi Kishan, is an entrepreneur who left his job in the UAE to start a rooftop solar panel business in India. He shared how the Mudra Yojana played a big role in helping him become a successful businessman. The Prime Minister showed his approval by nodding.

Gopi, who is from Kerala, also said the scheme helped his business grow and created many jobs. When PM Modi asked if his mother was unhappy about his decision to come back to India, Gopi replied that everything turned out well in the end.

What is Pradhan Mantri Mudra Yojana?

The Prime Minister’s Mudra Yojana (PMMY) was launched by PM Modi on April 8, 2015. It aims to provide loans of up to Rs. 20 lakh without the need for any security (collateral) through approved banks and financial institutions.

Since the scheme began, over 52.37 crore loans worth Rs. 33.65 lakh crore have been approved. About 20% of these loans have gone to new business owners, according to Financial Services Secretary M Nagaraju.

The PMMY supports many types of people, including new entrepreneurs and farmers, by offering financial help through different parts of the scheme.

Under PMMY, various lenders such as commercial banks, rural banks, small finance banks, NBFCs, and microfinance institutions, offer loans of up to Rs. 10 lakh without needing any collateral. These loans are meant to support businesses in manufacturing, trading, services, and farming-related work.

To help small businesses grow, the scheme offers loans in three groups: Shishu, up to Rs. 50,000; Kishore, Rs. 50,000 to Rs. 5 lakh; and Tarun, Rs. 5 lakh to Rs. 20 lakh.