Published On : Thu, Mar 26th, 2015

Mudra launch by PM on 8 April is big step for non corporate sector


The announcement of the Government about launching of MUDRA ( Micro Units Development and Refinancing Agency) on 8th April,2015 at New Delhi has been hailed by the Action Committee For Formal Finance For Non Corporate Small Business and Confederation of All India Traders (CAIT) and termed the day as historic for non corporate sector of the Country. The formation of MUDRA was announced by Finance Minister Mr. Arun Jaitey in Union Budget and implementation of Budget announcement in just 20 days time indicates priority to non corporate sector in Agenda of the Government.

Mr. Praveen Khandelwal, National Coordinator of the Action Committee & Secretary Genera of CAIT today informed that for wide consultations on MUDRA, a meeting of senior officials of different concerned ministries, other Government organisations, stakeholders and Action Committee representatives was held at New Delhi yesterday under chairmanship of Dr. Hasmukh Adhia, Secretary, Department of Financial Services, Ministry of Finance. The meeting discussed at length the proposed formation of MUDRA, its working and other important related issues in a positive atmosphere and it is hoped that MUDRA will enable easy financial empowerment of smallest person of the non corporate sector. ” The entire non corporate sector will wholeheartedly support MUDRA initiative and a national campaign will be launched in support of MUDRA across the Country. To deliberate on this important issue, a meeting of the Action Committee shall be convened very soon-said Mr. Khandelwal.

Mr. Khandelwal told that possibly it is for the first time in the world when any government has declared to set up a separate institutions for the financial inclusion of non corporate sector. It is noteworthy to mention that Prime Minister Mr. Narendra Modi while inauguration national convention of CAIT on 27th February, 2015 at New Delhi had assured to resolve issue of availability of finance in a easy way to traders etc. The MUDRA initiative will benefit more than 6 crore business enterprises working in non corporate sector including Traders, Transporters, Truck Operators, Hawkers, SMEs, Self employed and all such persons who are conducting business on small scale.

CAIT National President Mr. B.C.Bhartia said that the banking infrastructure in the Country has deplorably failed in last 68 years in providing requisite finances to non corporate sector and keeping this brute fact in consideration, the Finance Minister has announced formation of MUDRA which will register and refinance thousands of Micro Finance Companies, Non Banking Finance Companies, Trust, Societies which are engaged in  lending finance to non corporate sector. This exemplary initiative of the Government will be one of the big step for financial inclusion of non corporate sector which is consisting of about 6 crore enterprises providing employment to 46 crore people and contributing 45% to national GDP. MUDRA will give a new identity to this sector-said Mr. Bhartia.