QuoteIndia has a rich tradition of communities taking lead, to solve the challenges faced by an era: PM
QuoteAnnapurna Dham should give our society the strength to ensure there is gender equality and prosperity for everyone: PM
QuoteI would urge the people of Gujarat to work on food processing. Such value addition will help both farmers and industries: PM

Mother India! Victory to thee!

Mother India! Victory to thee!

Mother India! Victory to thee!

All the respected people who are present here today in large numbers!

I am fortunate that I have been invited to be present amidst you all on this auspicious occasion and have been able to seek your blessings.

It is a tough task for the people around the world to fathom our culture, religion and tradition. This is because we do not have one religious book or one god or a single worship system. We are diverse and therefore, it is difficult for them to figure out what we are! That is our specialty. We are such people where different devotees worship different gods and goddesses. If the devotee is a wrestler then he worships Hanuman; if the devotee wants education, he worships Goddess Saraswati; if the devotee deals with wealth, he has Goddess Laxmi. This is our characteristic. In this society, the community that has been providing food grains is the farmer community, the Leuva Patel Samaj in Kathiawad. And they worship goddess Annapurna.

'Like devotee like God' has been our special characteristic. Therefore, as a part of this feature a pilgrimage place for goddess Annapurna has been dedicated today. But we can be happy about one special feature of our country. If you just consider Gujarat, and start moving in any direction for 20, 25 or 30 km, you will find a place to sit and have a meal. There will be such arrangements. If you go 20-30 km in any direction, you will find some or the other temple, math or a saint or a sage. In every corner of India, there is a tradition of not letting go a guest empty stomach. So, arrangements are made for their stay and food. It is an age-old tradition. Those who have done 'Narmada Parikrama' know that. The villages at the bank of Narmada are the same. The people are the same. The people visiting the place are new. There are people residing at the banks of river Narmada. The people who take part in ‘Narmada Parikrama' do not have to go hungry. The people of that village serve the guests or the visitors. This is the specialty of our country. This is the tradition. Our society is a philanthropic society and because of this, the spirit of service is inherent in the root of a cultural consciousness.

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Here, it is said – Serving people is akin to serving god! The construction of the Maa Annapurna Dhaam as well the hostel facility for imparting education and values to the future generations are a reflection of this core spirit. We want to provide better hostel facilities and other facilities to the children from the backward families so that they get better opportunities to progress. So you all have dove-tailed the tradition of education with our cultural heritage. I congratulate Narhari Bhai and his entire team and those who have donated for this cause.

There is a tradition in our country wherein everything is expected out of the government and when something is not done, questions are raised to which the government is answerable. This system never existed before. There was no such tradition. Dharamshalas and Gaushalas used to be built; places for drinking water were built. The Adalaj Vav or step-well was also built. All these projects were not done by the government. These things are carried out by the society. Dharamshalas, drinking water dispensers and libraries are built by the society.

Gradually the power of the society was suppressed and the power of the government was made paramount. We want that the state should perform its work while the society will grow more powerful. Stronger the society, stronger will be the nation. The governments are not required to muster power. We encourage and duly promote all such trends from that original tradition. And there is no manipulation in it. It is not the state religion; it is the real power of the society. That is the effort to strengthen that fundamental power. There is no political shrewdness in it. This is the core strength of the society. This is an effort to emphasize upon the society's core strength.

Today, on the occasion of Consecration ceremony of Mother Annapurna at Annapurna Dhaam, we can think of a new direction for the society. Prasad is distributed in every temple but we can modify the tradition of distributing Prasad in Annapurna Dhaam to suit the present time. As this society connects with Mother Earth, therefore, I request the management to give a small plant each to the devotees as Prasad. And the devotees should be asked to grow the plant in their homes. Throughout the life Mother Annapurna's Prasad will be there in their courtyard or in a corner of their fields. They will always protect this Prasad of Mother Annapurna.

In this manner, the environment will be protected or not? Thus, many roles will be played by the plant – as a Prasad, as service to humanity and lifting the life. We can do another thing. In Leuva Patel Samaj, whenever a daughter is born, the daughter should be taken to Mother Annapurna's Dhaam to seek Mother Annapurna's blessings. They should be given 5 plants. And those plants should produce timber. If possible, after discussing with the government, this Trust should ask for 100-200 acres of fallow land and that family can sow those 5 plants for timber. When that daughter becomes 20 year old, the timber produced from those plants can be sold in the market. The amount received from the sale of the timber will be given to the daughter. The daughter can merrily get married with the help of that money. Will her parents have to take loan? The government will be providing land so that the families can sow the plants. You make the arrangements and the entire land will turn into greenery.

Today we have to import timber worth thousands of crores of rupees from abroad. Let the daughters grow up along with the timber plants. The import of timber can be stopped. We can relate religious traditions to economic system in a modern way. I feel this place can work in this manner. I feel giving a casteist colour to everything is a sin. If someone tries to paint Sardar Vallabh Bhai Patel in the colour of caste, then it is wrong. He was such a great leader of our nation! The world looks up to the Statue of Unity. Whenever the world will talk about the world's tallest statue, they will have to mention Sardar Patel. And I feel, nobody can break this record in the near future.

I want to tell another thing. Who was behind the birth of Amul Dairy? Who had started it? I have said before that it is a sin to give casteist colours to anything. But Leuva Patel community understood all these things. Amul Dairy had started and in the beginning the people who pioneered it were from Leuva Patel community. Nobody ever thought that Leuva Patel community could be behind the success of Amul Dairy. Many congratulations to them. But I have mentioned this story for another reason. Just as 5-15 people from a community have established Amul with a far-fetched vision, which is benefitting the animal rearers, and the people of every community, village as well as the entire Gujarat; similarly, those associated with Mother Annapurna can take up the responsibility of working directly for the farmers. I want the people of this Trust to develop a system in terms of Food Processing based on scientific lines, taking inspiration from Annapurna Dhaam so that our farmers can have value addition to their crops, just like Amul was developed getting inspired by Sardar Saheb.

The famous chillies of Shertha can bring more income if it is brighter in colour and if the chillies are turned into powder. If the powder is contained in attractive packets, it will further increase its value. There is an immense possibility. Value addition through food processing! Whatever is produced by the farmers, they should get the benefits of a food processing unit. This work should go on at a large scale. There should be research. I believe that with the blessings of Mother Annapurna we can develop such a scenario here.

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So I hope that the friends from the industrial world will definitely think in this direction - as to how spirituality and religion can be used for the development of society. And I was told that the Annapurna Dhaam was built keeping the five elements (Panch-tatva) at the centre. There is a couplet (doha) in Ramcharitmanas -

छिति जल पावन गगन समीरा। पंच रचित अति अधम शरीरा।।

That is, our body is made up of the five elements. With this spirit, as efforts are being made to assimilate the essence of these five elements, I believe that keeping in mind the future of the society, we will brighten it with the basic elements.

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Narhari Bhai is very confident that by 2020, it will be inaugurated and the foundation stone will be laid for the second one. And if you are confident, I am one and a half times more confident regarding this. And if someone asks to come home, who will refuse? Am I a guest? This is the joy of coming home. What could be the greater fortune than getting to dedicate oneself to Mother Annapurna's feet and fulfilling the nation's food-grain needs? Today I am present among the mighty farmers, among those who turn grains into gold. Both 'Jai Jawan and Jai Kisan' have immense value. The power of the farmers and of the soldiers provides food security as well as border security to the country. And with their power, the country always successfully avails the opportunities of development. Once again I thank you all for giving me the opportunity to be present with you all. I submit myself to the feet of Mother Annapurna and pray for your brighter future. With that, I end my speech.

Thank you!

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৭৮ তম স্বাধীনতা দিবস উপলক্ষ্যে নয়াদিল্লির লালকেল্লার প্রাকার থেকে প্রধানমন্ত্রীর ভাষণ ১৫ই আগস্ট , ২০২৪

জনপ্রিয় ভাষণ

৭৮ তম স্বাধীনতা দিবস উপলক্ষ্যে নয়াদিল্লির লালকেল্লার প্রাকার থেকে প্রধানমন্ত্রীর ভাষণ ১৫ই আগস্ট , ২০২৪
MUDRA NPA rate among world's lowest for segment: PM Modi

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MUDRA NPA rate among world's lowest for segment: PM Modi
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MUDRA NPA rate among world's lowest for segment: PM Modi
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