Labour Bureau submits report on jobs created by MUDRA loans

Labour Bureau submits report on jobs created by MUDRA loans

1. The Labour Bureau has submitted its report on jobs created by MUDRA scheme. In 2017, the Labour Ministry had asked the Labour Bureau to initiate the survey on jobs created through the MUDRA scheme.
2. Labour Bureau is an attached office under Ministry of Labour and Employment. It is responsible for the collation, collection and publication of statistics and related information on wages, earnings, productivity, absenteeism, labour turn-over, industrial relations, working and living conditions of labour, evaluation of working of various labour enactments etc.
3. Pradhan Mantri MUDRA Yojana (PMMY) was launched in 2015. It seeks to extend affordable credit to micro and small enterprises. Loans up to Rs.10 lakh are extended to non-corporate, non-farm enterprises. These loans are classified as MUDRA loans.
4. The loans are extended by the Micro Units Development and Refinance Agency (MUDRA) through last mile financial institutions such as Commercial Banks, Regional Rural Banks, Small Finance Banks, Cooperative Banks, Microfinance Institutions (MFIs) and Non-Banking Financial Companies (NBFCs). MUDRA is an NBFC supporting development of micro enterprise sector in India.
5. Under PMMY, MUDRA has created three different interventions ‘Shishu’, ‘Kishor’ and ‘Tarun’. These signify the stage of growth or development and funding needs of the beneficiary.
6. Sishu covers loans up to Rs. 50,000. Kishore covers loans above Rs. 50,000- and up to 5 lakh. Tarun covers loans above Rs. 5 lakh and up to Rs.10 lakh