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India On Media |
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| Politics
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| As PM Modi's Loan Scheme Stutters, |
| As PM Modi's Loan Scheme Stutters, A Bid To Pull Up Socks
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| INDIA
, 25-September-2015
6:34:1 AM |
| A group of fruit sellers, mechanics, barbers and cobblers will line up today for a "Credit Mela" or fair in west Delhi, where they will receive envelopes from Finance Minister Arun Jaitley.
Inside the envelopes are letters that grant them loans to scale up their enterprise. The event showcases the Centre's mega credit scheme Mudra Yojana championed by Prime Minister Narendra Modi, which is yet to achieve three-fourths of the goal in half the time there initially was, the finance ministry's data shows.
The drive that comes ahead of crucial elections in Bihar next month however may not be able to take off in the state with the Election Commission's model code of conduct prohibiting handouts already in place.
But with migrants from the state featuring prominently among the beneficiaries, who are given smart cards with a picture of the Prime Minister, the scheme could fetch mileage, experts say.
Under the Mudra scheme, announced in April by PM Modi, private and state-run banks have set a target of giving away loans worth Rs. 1,22,000 crore during the current financial year that ends in March. Till now barely one fourth of the target has been achieved
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