Shri Narendra Modi spoke to ABP News’ Special Programme – Ghoshana Patra – and put forth his views on various topics doing the rounds of the political discourse in the country.

Edited full excerpts from the interview -

Q Shazi Zaman (Group Editor, ABP News): According to the format of the show, first question we put up is that why should the country vote for you?

A (Narendra Modi): 2014 poll has brought hope. There is distrust, stagnancy and immense corruption around. On one hand people are hugely disappointed and on the other hand people are thinking whether there is a place where such dirty politics doesn’t exist? Will the country run with a squabble (tu main main). BJP with its track record has developed a trust among the people. This is on the basis of good governance and other is of development. The Country needs a change and even the poor people now realise it now. This election is not of arithmetic calculation but of the chemistry feeling of 125 crore people. 232 seats which have gone to polls has exposed the body language of Congress, you can see the kind of language they use. Due to these reasons, people will make BJP & NDA victorious.

Q SZ: Will NDA attain the majority? You may get seats but what if some parties refuse to give support, then your seat count would be reduced?

A: This is good arithmetic point of view. But this election is not of arithmetic calculations and is of chemistry. Prediction of lot of political pundits would go wrong this time. I have been directly involved with people in this poll; have travelled all over the country. I was a political science student. So I believe BJP will get the clear cut mandate and come to power. With NDA we will grow stronger. In India ‘perception politics’ happens. We have a pre poll alliance of 25 parties. First time in history it has happened.

Q Rajiv Khandekar (Editor – ABP Majha): You have good relation with Mamata, Jayalalithaa but you are making personal attacks on them which you didn’t in your initial campaigning. BJP didn’t have such confidence to attack then? There were talks in Maharashtra that you and Sharad Pawar are good friends and are coming together in this election?

A: If we used such kind of a language earlier then we would have been labelled of having an arrogant approach. It could have affected us. That’s why our strategy was placid and then there was a progressive enfoldment. In the next 10 days more of such will happen which is a part of our strategy.

Q RK: Yeda Bankar Peda Khao…

A: When I will go to Maharashtra I will talk about Sharad Pawar. When in Tamil Nadu I will talk about Jayalalithaa. In West Bengal will talk about Mamata. In Orissa about Naveen Patnaik. Whichever state I go for the first time I express my thoughts. It’s not that the situation changed so our strategy changed. In elections BJP should be clear cut in their thoughts portrayed to people. We do not want to create confusion or else confusion in masses will grow. Why this hypocrisy? In elections we are actually facing a challenge from Mamata and Patnaik. So why mislead the nation?

Q RK: Is there truth that you and Sharad Pawar had plans to come together?

A: No it’s not true. As far as friendship is concerned you will be surprised to know that I have friendly relations with Lalu Yadav (RJD chief). We are in a political life and due to our ideologies our stands are different. But we are all a big family and we are not enemies.

Q Suman De (Editor, ABP Ananda): When you were sure that Mamataji would not enter NDA you became strict, your softened approach turned into a strict Masterji?

A: We knew well in hand that Mamaji would not enter NDA. There were no doubts about it. I said the way the LEFT conditioned this state; Mamataji is taking a very long time to bring the state out of it. The symptoms are not to be seen. More than being angry I am disappointed with the condition of the state.

Q SZ: In your initial campaign your tone was not like this but now it has shifted to personal attacks, why?

A: See nobody wants to make personal attacks but during heat of election such attacks do happen. You call it personal or public. But you tell me if Wall Street Journal has published then is it personal? 2G scam happened, Raja had this role, PM had this role, and so would we call it personal? Some news traders are used by them to divert the issue. I remember during Mumbai attacks these news traders refrained us from commenting on Congress. There should be political satire in the country. Once in Parliament debate, Sharad Pawar gave a speech then Sushmaji also spoke. Sushmaji said she didn’t know if it’s Sharad Pawar speaking or Lalita Pawar. All enjoyed this in Parliament, so did Sharad Pawar. If it would have happened today then news traders would have taken this joke in a completely different direction. There has to be humour, happiness, satire.

Q SZ: You called Robert Vadra jijaji (brother-in-law)

A: We have to identify the person; he is related to a family. If I had another word for it, would have said that.

Q SZ: You are also in public life, personal attack on you also?

A: Country will decide if my allegations or allegations on me are true?

Q RK: Till when this allegation will continue you must have thought?

A: Until I don’t lose, until I am not defeated such allegations will continue. People who have been trying to defeat me for the past 12 years have been using all their strength. They couldn’t give me even a scratch. This is their ego problem.

Q RK: Ever thought such a debate and criticism you will have to face over your marital status?

A: I am not surprised about it. Talks also happen of things which are not related to me also. They don’t have anybody so what to do? They will keep on doing it.

Q SD: Mamata Banerjee is going to every district talking about your marital status on your affidavit. How do you feel?

A: I don’t feel anything about it. The ploy they have let them use it. Why should I think so much about the criticism? Let people judge.

Q SZ: There are lots of talks inside & outside BJP. Even about Murli Manohar Joshi issue. With your candidature do lots of people think doors are closed for them?

A: I never proposed my candidature for anything or for any post since I have been born. Decision of me is taken by BJP. I have never asked for my position, never snatched or done any kind of scheming. Whenever I have been bestowed a work, I do it with full dedication, hard work and have sacrificed my life for it.

Q RK:  Is the RSS fighting election or the BJP? What’s your take on it?

A: Not any candidate, party or organisation is fighting elections. It’s being fought by people and the entire country.

Q SD: Do you think you have won if you become PM?

A: What is our aim, aim of the people is to eradicate this current government. That happens then the aim is fulfilled or else there is no win.

Q RK: You have been associated with RSS. Will reflection of RSS be seen in your future tasks if you become the PM?

A: I have to run the country. There is only one religion that is “India first” and we work according to the constitution. We have to take everyone together for development and that’s my only prayer.

Q RK: You and Mohan Bhagwat are both 1950 born. You have benefitted from him for what you are today?

A: His father has benefitted me a lot. His father was a pracharak in Gujarat. Lot of love I got from him.

Q SZ: Important question are Muslims scared of you? You look at people who support you and the one ones who don’t from the same lens. BJP leader Giriraj Singh said Modi’s critics should go to Pakistan. What do you have to say about that?

A:  Nobody can agree to those (Giriraj) comments. My 2002 speech after winning polls would be in your library. After 2002 victory, in Maninagar that evening I thanked the electorate. I thanked people who voted, who didn’t. This government is for the people who voted, who didn’t and who voted against. My government’s mantra is abhayam, abhayam and abhayam. You can check the 2002 tape.

Q RK: In Bunch of thoughts it’s mentioned that minorities should accept culture of majority and it will then solve a lot of problems. What’s your say?

A: Programme of Bunch of thoughts book review should be organized. Experts should be called. The country would benefit we call these experts who are for and against it. It should be aired on ABP News.

Q: SZ: You are fighting on issue of development. But there is a communal stand on your Pink revolution comments. Your comments.

A: I don’t understand why communalism angle is infused into it. Somebody just make me understand. Ones who do cattle breeding should not lose their animals. The cattle which are not in good circumstances give 1.5 litre and not 4 litre. In many states and villages farmers are dying and their cattle is also destroyed. We need to worry about milk productivity. Need to think in a scientific manner. In India it is difficult for a person to undergo cataract operation. In my state cattle are undergoing cataract operations, dental treatment. I sent team of veterinary team of doctor to US. The cattle should not lose blood. Now with their study these doctors came and now these animals are undergoing laser operation technique. We cannot neglect them; it is unfortunate that people are calling it communal.

Q SZ: Lot of families are run due to slaughter houses. Another question is the meat export during NDA rule. Why didn’t your government do anything then?

A: I will see what problems they had then. I don’t have much initial detail of it, could be that cattle which didn’t produce milk were in huge number. Today the situation is more serious. It is not right to say that just one community is linked to it. My Jain brothers are in this profession as well. If due to environment businesses flop then we don’t look at religion involved in it right? We worry about environment; similarly we have to look at the rural economy. So country’s problem is not Modi but a “stagnated perverted mindset”. They want to take every issue to that one corner.

Q SD: When you talk of Delhi sultanat, Shehzada…people say it targets a specific community? You never say Rajkumar.

A: We used to read the word Shehzada in our history books. For Soniaji I used to call her Rajmata.

Q SZ: You have been questioned a lot about riots and taking responsibility for it, your court cases and puppy remark. My question is a little different, a person loses his/her life in a state, CM takes accountability for it, and do you take responsibility for it?

A: From Day 1 I have taken. In my State Assembly speeches, in all my interviews, everything is available.

Q SZ: It feels like you are trying to increase your rapport with the Muslim community.

A: My responsibility is to reach out to 6 crore Gujaratis in the state. I am trying my best to reach out to 100 cr. This is part of my responsibility and I must do it. Primary job is to reach out to every citizen from every state.

Q SZ: In that even the Muslim community is there?

A: I understand only one language that they are Indians and are my brothers. You can look at it from any colour. This kind of language what is being used has ruined the nation. I don’t care if I lose elections but will never own such kind of a mindset.  I would request you to stop attacking me on my swatantrata.

Q: RK: Whenever 2002 question is put up, you say you have talked about it earlier.

A: Till 2007 I have responded to everyone to all questions asked. You can read it in print media, electronic media. Yes, in 2007 when UPA again tried to take all legal routes to drag me to court then I stopped talking as I didn’t want it to influence the issue because of Supreme Court ruling. Has any CM been grilled for 9 hours? SC has seen the tape as it ordered the questioning. I have been through all those hurdles and I am ready for it. Modi won’t surrender to such false political intentions.

Q RK: The demands that are asked to you are politically motivated?

A: That you decide whose agenda you have brought forward.

Q SZ: How will good days come? I have read your manifesto, lot of claims and promises are not mentioned in it, so how will it happen and when?

A: Everywhere is there an expiry date on it? Some tasks are there which are primary and some need to be addressed soon, some take 5 years. This manifesto is not for the entire century but is for a government’s 5 year tenure.

Q SZ: Will black money really come back to India? Are you raising a hope which would never be fulfilled?

A: There is a debate in the country that black money in foreign banks and no dispute about it. Lot of information channels which say there are hundreds of crores, some say thousands of crores. We will set up framework of legal team, with international relations and in accordance with international law.

Q SD: Inflation is the biggest problem which has been witnessed in our survey. How will your government control it and which sector you will give priority?

A: There are different set of problems. There is no real time data of our agriculture produce. We export pulses and then at four times the price we import pulses. Similarly we do it for sugar. In eight rupees we first export and in 80 rupees we import. This is a mess. If we have real time data we know how much wheat we have in stock, how much the requirement is? We can then analyse that if South India has started consuming wheat we should transfer then and in storage houses.

Q. SD But this is a longer term plan?

A: No this is not long term. This is done immediately. Secondly Food Corporation of India has failed miserably. They should be divided in three parts. One is farmers’ cultivation, second is storage. Our grains are being eaten by rats & gets damp. Third is distribution. In Railways marble is being loaded first and tomatoes are being ignored which get rotten. Agriculture has to be given priority. Farmer’s produce has to reach people in time. It’s about applying mind and then only can find a solution to it.

Q SZ: I heard you called us news trader.

A: Didn’t say to you

Q SZ: Ok, Thank You

A: You decide if you come in the news trader category or media. Why would I charge you?

Q SZ: If you form government, should media be afraid of you?

A: If any media org is scared of somebody then they should leave the industry itself. We don’t want a media which cornered by any force, we need media which is stronger & projects the truth. If someone is running away due to fear let me know, I will help.

Q RK: Media will be scared if a big leader in the country gives it a stamp of being a news trader.

A: Again verify. I only talk of news trader and not the media. I respect the media & it is your job to hunt such news traders. Media is the strength of democracy and should run in any kind of fear.

Q SZ: Your government will be of Ambani and Adani?

A: This is not your question. This is a myth spread by political parties which is being carried by you. We don’t expect this from you. Since 14 years people are talking about my government, that’s my identity. No middlemen roam in our corridor people say. My track record says. People say this government cannot be rushed or works under influence.

Q SZ: Rahul toffee remark. You haven’t responded to his Adani allegations?

A: I don’t have full details with me but want to tell you. Congress ruled between 1985-95 and at what price they gave away land is available. In 1997 Shankar Singh Vaghela government was there. Land was given is 25 paise and some land in 5 paise.  We came and set parameters. SC has said other states should follow our policies in land issue. Its upto you to believe Rahul or SC. I request you should send a reporter to do research and then prove that this leader is lying.

Q SD: Rahul Gandhi, your political opponent, has said that if your government is formed, it will be a government of rich people. What is your response?

A: See, you should judge this in accordance with my track record. I hold a Vibrant Gujarat Summit every year to promote investment in my state, and it has been so successful that every state is doing it now. So in a way we have set a trend. But I do this only once in two years, for two days. But every year in June, on 13, 14 and 15, when the temperature in Gujarat is 45 degrees and it is next to impossible to step out of the house; the Chief Minister, with all the ministers, all IAS officers, all IPS officers and all officials of the forest service, all of us go to the villages, from house to house, sweating in the heat to get girls to go to school, and this is the reason that today my state has 100% enrolment. Thousands of cattle camps are organised at my place, and it is the result of this that milk production has increased 85-90%. There used to be minus agricultural growth in my state, we are not an agricultural state at all, there is no water source, but every year we have a month long agricultural festival every year, that too, before the rainy season. Meaning that in the heat of May and June, the 800 agricultural colleges of the university, nearly thousand progressive farmers of the state, the government’s whole agriculture department, irrigation department, animal husbandry department, and the ministers and chief minister himself, all of us go to the villages for a whole month. We sit with the farmers and discuss how old methods can be discarded and new ones adopted, what fertilizers and pesticides should be used, what shouldn’t be used. We are the first in India who started the soil health card. In India people don’t have health cards, but in our state farmers have a soil health card. The soil health card tells him what the deficiencies of his land for his crop are and what is needed. As a result, while the agricultural growth of India is not going beyond 2.5%, Gujarat, which has never been an agricultural state, has an average of over 10% of the last 10 years. Do you call all this work, the work of the rich?

Number 2, the growth of small and medium scale industries in our country is 19%, but in Gujarat it is 85%, do you call this the work of the riche?

When I came to power in Gujarat there were 11 universities, today there are 43, do you call this the work of the rich?

When I came to Gujarat there were 13 thousand engineering college seats, now there are 1 lakh 13 thousand, do you call this the work of the rich?

When I came to Gujarat, cotton growers used to produce 23 lakh bales, today it is 1 crore 23 lakh bales, is this the work of the rich?

This politics should end; these balloons of lies should end. The country will not accept these toffee sellers now.

Q SZ: A question about your image now. Those who like you, they like you so much that they wear masks of your face when they step out, while those who don’t like you say that your face itself is a mask. What do you say?

A: If god had given me the power to know and understand myself, then I could have scaled unknown heights, which is way God has probably not given me that power to understand myself. I try to understand myself through friends like you. Sometimes you like me, sometimes you don’t, but I respect them all. Weather it is bitter criticism or blind love, I respect them all. I try to turn the criticism and opposition to love, and show truth to those who blindly love. I will not live a double faced life, I will not face the nation like a mask, I will try to live as I am.

Q RK:  Modi ji, the love for you has led to a new problem in Maharashtra. Raj Thackeray is supporting you, he says that he was the first one to say that you should be Prime Minister, but now the senior leaders of your party are calling him an uninvited guest and saying that if he wants to support then he should come in, or just leave. What is your response to all these exchanges?

A: When the results come on May 16, I am confident that we will not need any such support to form the government. But to run the country we will need everybody’s support, and I believe that in a democracy we need to rise above politics and take everyone’s cooperation to run the country. For running the government we won’t be needing any support, the people will give enough of it. But to run the country, everybody’s support should be taken. If Rahul Gandhi wins from Amethi, even though chances are slim, but if he does and sits as leader of Opposition, then his support should also be taken, that is my opinion. A country does not run like this, everybody has to be taken together to run the country. To run a government it is ok to take the verdict given by people.

Q SZ: There seems to be a difference of opinion within the party on whether action will be taken against Robert Vadra or not?

A: I think this is a very dirty question. On one hand, no one is above the law. Suppose there is an allegation against Narendra Modi, and suppose tomorrow Narendra Modi become the Prime Minister, then should the case against him be initiated or not; just because I became the Prime Minister everything be closed. It cannot be like that, right? I am not above anyone. But I am talking about myself here, not the person you asked about, don’t mix it up, I am sure you won’t play the news trader gimmick. I have 14 years to experience of running a government. I tell you, I have never opened anyone’s file ever. It is my opinion that I had gotten involved in all that then I would just have gotten more lost in it and would have been unable to do any good work. This is my personal opinion, I am not telling this as a government policy. I have separated myself from all this in 14 years and gave support only to new positive initiatives. I am not even aware of them, they are old things and must be in progress, the government knows it’s work. We come in for five years, if we start lugging this garbage around then when will we do some good work. So it is my opinion that my energies not be wasted in garbage. My energies should be directed towards good constructive work. Five years is very little time, if we get caught elsewhere then how will we do any good for the country. Rest the law should take its own course.

Q SZ: This question came up, and I asked this question, because voices within your party said that ‘the son-in-law will go to jail.’

A: See, you asked the wrong question. What is good or bad is not my issue. If you pick up things from every nook and cranny and demand answers from me, then aise kaam kaise chalega (how will we manage). Whatever my party’s official stand is, I will reflect that only.

Q SZ: Now an important national question. Is it true that you initiated a dialogue with a separatist leader?

A: I am just astounded since I heard. Where did this come from? Either way I haven’t kept track of the media today, but I think this had been cleared up, they have stated they are not Modi’s ambassadors. I don’t even know their names; these stories come on the news just like that.

Q SZ: Your party has accused UPA of having a weak stand over Pakistan. What is your definition of a tough stand towards Pakistan?

A: First of all, we want to run the country such, to make the country such, that koi hume aanken na dikhay, and hum bhi duniya kea age aanken dikha kar vyawahar nahi kar sakte hain. The world can neither function with glaring at each other, nor with keeping our eyes down. The conversations should be carried out looking into each other’s eyes, in international groupings; it is reciprocating and the best way.

Q: Did you take any initiative to talk to Kashmiri separatists as Geelani had claimed recently that two persons met him on his behalf?

A: I am surprised. Where did it come from? I do not even know their names...Now it seems it has been clarified by the persons concerned that they were not my representatives.

Q SZ: Another question related to this is, will you go to America if elected Prime Minister?

A: This is a very loaded question. The country’s people have selected me for doing the country’s work.

Q SZ: There is one aspect of your personality that we all see. The face that is visible here and on stage. But there must be another Narendra Modi as well. Once the official work ends, what does Narendra Modi do?

A: My work never ends. I am a workaholic. Other than sleeping and eating, I spend all my time working for the people. Even today, I have just come from the airport, the whole day I was in Chhattisgarh and Maharashtra. I held three meetings but when I left Jalgaon I found out that there is a huge storm. So started to check from there itself, what the condition is, if there were any casualties, if there had been any loss. This I why also got late in reaching here. So you see, I cannot sit still. To me I am a worshipper and the people are my god.

Q SD:  Modi ji, the moment you stepped in here it was obvious that you are a bhakt of Swami Vivekananda, and he also figures in your speeches. We have heard that you are very attached to the Bellur Math and at one time you even went there to become a sadhu. Will you share that part of your life with us?

A: Swami Apasthanand is still there, he is very old now, but I had gone to see him and stayed with him for quite some time. But it is a different world, why get into it here.

Q SD: Do you miss those days now?

A: I am still much attached to them, but now since I am unable to go, it pains me to think of them. So I just stay busy with this work.

Q SD: Now a few questions about West Bengal. The TMC has accused you of trying to break the state, that for the one seat of Darjeeling, you have assured the people that you will view the demand for Gorkhaland with sympathy.

A: In a country this big, if you try to suppress regional expressions, then it will only inflame tensions. Their emotions should be viewed with sympathy and an effort should be made to understand them. Dialogue can open up a way; I thought I should say this publically so I did.

Q SD: So you will talk away the demand for Gorkhaland?

A: No, I am explaining the meaning of my speech, if someone has challenged it.

Q SZ: A question on your manifesto. Ram Mandir and Uniform Civil Code have been on your party’s agenda for a long time, but has never been fulfilled. You are known as a sharp leader, do you think you can fulfill these?

A: The country does not function with sharpness, it functions according to the constitution, and it will continue to function according to constitutional integrity. Sharpness is for elections only, not for running the country.

Q RK: Shiv Sena and MNS both are supporting you in Maharashtra. People believe that it will be good if their two leaders, Raj and Uddhav Thackeray, come together. So, have you ever tried to do something to bring the two together?

A: See, it is not right to weigh personal relations on a political scale. Which is why I have never crossed my limits. I kept things confined to friendship only and never taken an initiative in this issue; nor has anyone ever given me this task, so why should I get involved in such things.

Q SZ: Has Bollywood gotten divided over support to you?

A: I have very little familiarity with Bollywood, I don’t know that world. A few people have come to meet me since I became CM, but that too for business reasons. I don’t really know that world. Rest, people continue to take their personal positions.

Everyone has a right to their own opinions. Do we ever discuss weather there is a division in IITians or the media? 6 media in favour of Modi, 8 against, we never do a debate like that, do we

Q SZ: If you are given the option right now of watching whether an Aamir Khan movie or Salman Khan movie, which will you choose?

A: First of all pray that I get time to watch a movie. When I do, I’ll watch the first one I get. But watching both would not be possible.

Q RK: So you don’t watch movies at all?

A: I just don’t get the time, earlier I used to watch. Once I saw Paa on its launching with Amitabh ji, and once with Anupam ji I saw A Wednesday. These two films in the past 10 years, and a film on made on Swami Vivekanand on his 150 anniversary, that I saw because I also worked to make it successful.

Q RK: So how did u like the film on Vivekanand?

A: It was good. It is good for giving a message to the young generation, on an international level too. I liked that they did not show any miracles but kept it simple, the story of a social worker.

Q SZ: So Narendra Modi never relaxes?

A: My work is my relaxation, I don’t need anything extra.

Q When does your day start?

A: Usually I get up at 5, it’s a habit I have had since I was in the RSS. I don’t need much sleep, three hours is enough for me. My friends and my doctors complain that it is too less, but it is sufficient for me. You can see, I have worked all day but even now I am sitting here easily talking to you.

Q SD: The biggest issue in West Bengal right now is the Saradha scam. You raised this issue in your Siliguri rally too. So do you think there should be a CBI inquiry?

A: A lot of very poor people have lost money in this chit fund issue. Many even went to the extent of suicide. In such a situation, steps should be taken to reinforce people’s trust, it doesn’t matter what for it takes.

Courtesy: ABP News

 

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ঋণ খণ্ডত মুদ্ৰা এনপিএৰ হাৰ বিশ্বৰ ভিতৰতে সৰ্বনিম্নঃ প্ৰধানমন্ত্ৰী মোদী
April 08, 2025

Prime Minister Narendra Modi launched the Pradhan Mantri MUDRA Yojana (PMMY) in 2015 to provide low-cost credit to microfinance and non-banking financial institutions in order to lend to micro, small and medium enterprises and generate jobs and incomes in manufacturing, services, retail, agriculture and allied activities.

The Micro Units Development & Refinance Agency (MUDRA) was established as part of the exercise. Now in its 10th year, the scheme has allowed the government to fund the unfunded, PM Modi said in a written interview to ET on the scheme. Edited excerpts:

What were your expectations from the MUDRA Yojana and has it achieved them?

The MUDRA Yojana needs to be seen in a particular context and not as a standalone scheme. Even before I held any government position, I had travelled extensively across the country for many decades as a karyakarta. There was a common theme that I saw everywhere. A vast majority of our population, such as the poor, farmers, women and marginalised sections had aspirations for growth, strong spirit of enterprise, energy and resilience-all qualities needed to be a successful entrepreneur. But these were the very sections that had been completely excluded from the formal banking and financial system.Tell me, if you do not have a bank account, will you ever visit a bank? When people did not even have access to basic banking, funding for entrepreneurship looked like a distant dream.So, when the people voted for us in 2014, we decided to make the whole financial architecture people-centric and inclusive, so that we could give wings to their aspirations. We democratised the financial system.This started with 'banking the unbanked' with Jan Dhan Yojana. Once those who were left out and left behind began to become part of the formal financial system through this scheme, we went on to 'funding the unfunded' through the MUDRA Yojana and 'insuring the uninsured' through the Jan Suraksha portfolio of schemes.So, MUDRA is part of a larger vision to ensure that the entrepreneurial ability, innovation, creativity and self-reliance of the people at the grassroots is respected, celebrated and supported.Through the MUDRA Yojana, we wanted to give a message to every Indian, that we had trust in their abilities and we would stand as a guarantee in their journey to fulfil their aspirations. Trust begets trust. The people too responded with great zeal and today, with over 52 crore loans given worth ₹33 lakh crore, they have made MUDRA a massive success.

One of the concerns over the scheme has been high NPAs and consequently the underwriting burden on the government. Do these need to be addressed or would you say this is a justified cost for the impact the scheme has had?

There are two perspectives on the problem of NPAs. On the one hand, we have experience from the tenure of the Congress-led United Progressive Alliance. Then, the banking sector operated under a system that came to be known as 'phone banking'.Loans were sanctioned based on calls from political connections rather than on competence, or adherence to strict financial due diligence.We all know how this created the twin balance sheet problem. This period, marked by a lack of transparency and accountability, left public sector banks grappling with a legacy of stressed assets, undermining their ability to support broader economic growth.On the other hand, we lent money to the poor and the middle class through the MUDRA Yojana. It was designed to empower small and medium entrepreneurs who had no connections but had competence and conviction.Unlike the UPA's top-heavy lending model, MUDRA focused on grassroots economic activity. Today, with more than 52 crore loan accounts, MUDRA reflects the massive scale and ambition we had.When we launched this initiative, several prominent Congress leaders and commentators from their ecosystem said that extending credit to crores of small-scale borrowers will cause an NPA issue. They had no trust in the poor and middle class of our country. But the outcomes have defied these predictions.What stands out is the performance of these loans-just 3.5% have turned into NPAs. This is an exceptionally low default rate in this segment world over.While the UPA's phone banking era left banks burdened with toxic assets and favoured select elites of those who were close to power centres, MUDRA has redirected resources to the grassroots, fostering entrepreneurship without compromising financial stability.

The banking sector is in sound health today. Do you think it can take on more risks and fund those lacking formal credit access through schemes such as MUDRA, while corporate borrowers access funds through the bond market?

Due to our relentless banking reforms and deft handling of the NPA crisis, today, our banks are in good health again. Many of them have touched record profits.Over the last decade, programmes such as MUDRA, PM-Svanidhi and Standup India have benefited from the improving health of our banks. Further, due to these schemes, our banking system has also become more responsive towards the needs of small entrepreneurs. As a result, the poor and middle class have reduced their reliance on informal lending to a great extent.I am confident that our banking sector will continue to be a strong partner in the journey of ensuring financial inclusion and supporting entrepreneurship at the grassroots.When it comes to the question of funding small entrepreneurs or corporate borrowers, our banks are capable of supporting both segments and it is not a zero-sum game.This year our corporates raised more than ₹1 trillion through the bond market. This will continue to grow as bond markets are also maturing. Similarly, the MSMEs have started raising money through IPOs and people are appreciating that too. Indian banks will maintain an equilibrium when it comes to priority sector lending as well as corporate lending. This balanced strategy strengthens both financial stability and equitable growth, setting a sustainable path forward as the system continues to mature.

The scheme especially focused on the deprived and women.

Reaching out to the deprived has been the hallmark of this scheme. Vanchit ko variyata, mainstreaming the marginalised-this has been our motto.For decades, affordable credit used to be available only to the rich and well-connected. Unfortunately, the entrepreneurship efforts of the deprived were often trapped in the Chakravyuh of high compounding interest rates. Through MUDRA Yojana, even the deprived are able to get a loan without any collateral.So when we celebrate the success of MUDRA Yojana in promoting entrepreneurship, the heartening aspect is that a large number of these success stories are from women and deprived groups.With over 52 crore loans sanctioned, it has proved to be a lifeline for small and micro businesses in the non-corporate, non-farm sector-areas where SC, ST communities and women often operate. Half of all the loans have gone to people belonging to SC, ST, OBC communities. Nearly 70% of these loans went to women, which shows it's hitting the mark on women's empowerment and financial inclusion.For someone from a deprived background or a woman with a business idea-like a small shop or manufacturing unit such as MSME setup-this scheme has offered real support to turn dreams into reality. This is more than just an entrepreneurship opportunity for the deprived population but it is an inflection point in their lives where their conviction and ideas win over all kinds of doubts and challenges, with the government standing as the guarantor for their loans.

One of the goals of MUDRA was encouraging entrepreneurship and creating employment, especially in rural areas to discourage migration.

The MUDRA Yojana has brought about a fundamental mindset shift in society today. Entrepreneurship, which was considered somewhat of an elite endeavour, has now been democratised.Today, entry barriers to entrepreneurship, actual and perceived, have been reduced significantly and the MUDRA Yojana has been the force behind this change.Today, every layer of our society is thinking of entrepreneurship and growth. Small ideas are blossoming into MSMEs, MSMEs into successful startups and startups into unicorns.Out of the 52 crore loans given under MUDRA, over 10.6 crore have gone to first-time entrepreneurs! You have to understand that there are successful entrepreneurs who have been empowered by MUDRA Yojana in every part of the country, which means there is success in every part of the country.These new entrepreneurs have set off localised growth cycles. These new entrepreneurs are hiring more people, building bigger offices, supporting and collaborating with other businesses at a local level.Today, many youths in tier 2 or tier 3 cities prefer staying close to home rather than moving to metro cities. Low cost of housing, good education, ease of travel, ease of communication and increased avenues for entrepreneurship offer them a lucrative deal.The value addition of these entrepreneurs is being witnessed in our national growth.

How has the scheme evolved over the last decade and what next?

Let us look at the scale of the loans and the amount disbursed under the MUDRA Yojana. Over 52 crore loans worth ₹33 lakh crore have been disbursed.This means 1.6 loans have been given every second, which is faster than even a heartbeat. The total amount sanctioned is higher than the GDP of 100 countries.To give you an idea of how the scheme has progressed, an analysis of the total loans sanctioned/disbursed under the scheme shows that since its launch, the average ticket size of the loans has nearly tripled-from ₹39,000 in FY16 to ₹73,000 in FY23 to ₹1.05 lakh in FY25.In this year's budget, we have raised the upper threshold for loans to ₹20 lakh.Around MUDRA, we have worked on enhancing our digital public infrastructure as well. Beyond JAM and digital payments, we have the account aggregator (AA) framework that ensures paperless loans for everyone. With loans and ease of credit, we wanted to ensure ease of doing business online in a digital world, and therefore, we have the Open Network for Digital Commerce (ONDC). Think of it as UPI for online commerce, where entrepreneurs, especially the ones in second-tier towns and villages, will no longer be dependent on big platforms who they are compelled to share their profits with.The future of MUDRA is already before us with the AA framework and ONDC, and the first-time bank account holders a decade ago are now evolving with the economy, creating a rich credit history, which will tomorrow be beneficial for them in further expanding their business operations.

He regarded the India-led green initiatives as platforms for all nations to collectively address climate change, promote environmental sustainability, build disaster resilient infrastructure, and drive the global transition towards clean energy.

Source: The Economic Times