MUDRA INITIATIVES FOR FUNDING TO MSME: A BIG STEP FOR PUSHING FINANCIAL INCLUSION IN INDIA
Our country is going through a big crisis-one side we have corona virus shock and other side is economic issue that has hit the country very adversely. India’s unemployment rate hit 26% and 14 crore people lost employment as per CMIE data released recently. This is the single largest blow to the economy arising due to prolonged lockdown in the wake of COVID- 19 outbreak. At this crucial moment we should all raise to the occasion and give our shoulders to make our country self-reliant. All we have to wake up and support our local manufacturer, local trader and local farmers, so that we have enough for everybody. All we stand up and think in an entrepreneurship spirit. It is quite pertinent to mention that Micro, Small And Medium Enterprise (MSME) sector contributes 31.8% of Gross Value Added, 48.10% of exports and provided employment to 11.10 crore people. Against this background, if any sector can help mitigate it to a great extent, it is MSME sector. The government in 2015, came out with the Micro Units Developments and Refinance Agency (MUDRA), a wholly-owned subsidiary of SIDBI to refinance Pradhan Mantri Mudra Yojana (PMMY) or the popularly known MUDRA loans, extended by the banks, NBFCs, and MFIs. The main objective of this scheme is to ‘fund the unfunded’. In the present study an attempt has been made to focus on the concept of Pradhan Mantri Mudra Yojana (PMMY) and MUDRA Bank in the light of financial inclusion and also to evaluate the performance of PMMY. The paper is divided into various sections. In section I, II and III backdrop, objectives and methodology have been serialized. Section IV contains the details of the scheme. Section V and VI highlight the performance and progress of the scheme. Finally, concluding observation has been drawn in section VII. Ensuring inclusive and equitable quality education and promoting life-long learning opportunities for all’ is one of the targets of sustainable development. But the sudden outbreak of Covid-19 has put a major challenge for countries like India where having access to classroom education is a daydream for many children. The rationale that having online classes is better than no classes on the ground of maintaining social distancing has accelerated the educational inequality further. To understand how our students as well as teachers are adopting technology, teaching learning process, their experiences and obstacles faced by them in this regard a survey in various schools, colleges and universities across Kolkata had been conducted from the perspectives of both the groups. Result showed neither teachers nor the students have gladly accepted this new paradigm. Unstable internet connection is the major hindrance as pointed out by both educator and learner. Students have also pointed out assignment submissions, doubt clearing as some important obstacles.