Fostering Grassroots Entrepreneurship: Evaluating the Role of Pradhan Mantri Mudra Yojana in India’s Entrepreneurial Ecosystem

Abstract

Financial inclusion plays a crucial role in achieving the Sustainable Development Goals (SDGs) 2030 by promoting poverty eradication, sustainable agriculture, economic empowerment, growth, innovation, infrastructure, and reducing inequalities. The Pradhan Mantri Mudra Yojana (PMMY), launched in 2015, aims to promote financial inclusion and entrepreneurial growth by providing collateralfree loans to micro and small businesses. This paper evaluates the scheme’s performance using secondary data from government reports and studies. The objective of the paper includes examining PMMY’s role in empowering first- time entrepreneurs, fostering regional entrepreneurship, and promoting inclusive growth and the challenges in implementation and its alignment with Sustainable Development Goals (SDGs).