Cabinet approves continuation of credit guarantee funds for micro units under Mudra, Stand-Up Schemes
Executive Brief • Key Highlights
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- ✓The Union Cabinet on Wednesday approved the continuation of credit guarantee funds for micro units under the Mudra and Stand-Up India schemes until March 31, 2031.
- ✓Prime Minister Narendra Modi said, "Our aim is to empower more young Indians to turn their ideas into enterprises, create opportunities and become job creators."
Story at a Glance
- Category
- Indian Markets
- Reported By
- Business Line
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
To boost entrepreneurship and job creation, the Union Cabinet on Wednesday approved continuation of credit funds for micro units under Pradhan Mantri Mudra Yojana (PMMY) and for Stand-Up India. These funds will now be available till March 31, 2031.
Credit Guarantee Fund for Micro Units (CGFMU) provides credit guarantee coverage to the lending institutions through National Credit Guarantee Trustee Company Ltd (NCGTC) against default risk. "The Cabinet approval for continuation of the credit guarantee fund for micro units is a major boost for India's aspiring entrepreneurs, especially our youth!" said Prime Minister Narendra Modi in a social media post.
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