JAITLEY RAISES MUDRA LENDING TARGET TO ₹4L CR FOR FY 2019

minister Arun Jaitley on Thursday enhanced the lending target under the MUDRA Yojana, which funds the self-employed, to ₹3 lakh crore for the 2018-19 fiscal. Launched in April 2015, ₹4.6 lakh crore credit has been sanctioned so far to 10.38 crore beneficiaries.

Of the total loan accounts, 76% are of women and more than 50% belong to SCs, STs and OBCs, he said. “It is proposed to set a target of ₹3 lakh crore for lending under MUDRA for 2018-19 after having successfully exceeded the targets in all previous years,” he said.

The budget for the current fiscal had announced a loan target of ₹2.44 lakh crore under the Micro Units Development and Refinance Agency Ltd (MUDRA).

These loans are available for non-agricultural activities up to ₹10 lakh and activities allied to agriculture such as dairy, poultry, bee keeping are also covered under it.

Meanwhile, India Inc said the ‘Bharat’ oriented Budget with a thrust on improving the rural economy will create jobs, encourage entrepreneurship and sets the tone for future growth.

CII director general Chandrajit Banerjee termed it a balanced and prudent budget that sets the foundation for future growth in the economy. “In a difficult year, the finance minister has done well to contain the fiscal deficit at 3.5% of GDP, a deviation of 0.3% from the Budget estimate. The plan to move towards fiscal consolidation in the coming year would maintain macro stability and enhance investor confidence,” Banerjee said.

However, CEO of Serum Institute of India, Adar Poonawalla, rated the Budget as a highly mixed one. “One of the main focuses of the government in this Budget was touted to be employment generation. However, none of the announcements are expected to boost the creation of jobs in any significant manner.

Assocham president Sandeep Jajodia said the budget is on expected lines and provides support to sections of the society, where it was needed the most.

NEWDELHI:Finance