The major aspect of financial inclusion is enabling the flow of credit to small businesses. In pursuance of the announcements in the Union Budget 2015-16, the Micro Units Development finance Agency (MUDRA) was set up and this led to which of the below mentioned schemes?
Pradhan Mantri Mudra Yojana (PMMY)
The correct answer is Pradhan Mantri Mudra Yojana (PMMY).
The Pradhan Mantri Mudra Yojana (PMMY) is a scheme launched by the Indian government as a direct result of the announcements made in the Union Budget 2015-16. The primary goal of PMMY, directly aligned with the broader aim of financial inclusion, is to provide funding to micro and small businesses. The Micro Units Development and Refinance Agency Ltd. (MUDRA) was established to facilitate this scheme. The scheme aims to empower micro-entrepreneurs by providing them with access to credit, thereby boosting economic growth and job creation at the grassroot level. It focuses on credit access for those individuals who previously lacked the ability to borrow from formal financial institutions. The other options are unrelated government initiatives focused on different aspects of national development. Therefore, PMMY is the only scheme directly linked to MUDRA's establishment and the Union Budget 2015-16's financial inclusion focus. This initiative significantly improved the flow of credit to small businesses, a key element of financial inclusion. The scheme has been instrumental in furthering the government's agenda of inclusive growth by providing financial assistance to the underserved sections of the economy. The structure and support systems in PMMY ensure the long term viability of small and micro-enterprises which leads to a broader economic upliftment.
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