Empowering Innovators: Accelerating Entrepreneurial Growth Through the Mudra Scheme

Abstract

India is a developing country with a large population and ranks eighth in terms of size. Its vast population indicates a sizable potential market and highlights the increasing need for employment. In the current decade, India is making significant strides toward implementing laws that encourage start-ups and create a business-friendly environment. Globalization and technological advancements have fostered a competitive atmosphere that necessitates the development of innovative systems. As competition grows, more people are recognizing the benefits of self-employment. In India, entrepreneurship has the potential to serve as a solution for urgent issues such as homelessness and unemployment. In light of these benefits, the government has periodically launched several initiatives to support the growth of entrepreneurship in the country. These initiatives include industrial policies, five-year plans that prioritize the development of the small-scale sector, the creation of Special Economic Zones (SEZs), the establishment of institutions dedicated to entrepreneurship, the organization of Entrepreneurship Development Programs (EDPs), and other government initiatives. Currently, there are fewer job opportunities in India's public and large-scale industries. However, globalization has created numerous opportunities that are waiting to be seized. Entrepreneurs in India could potentially propel the country to the brink of becoming an economic superpower. This paper provides an overview of the government scheme, namely the Pradhan Mantri Mudra Yojana (PMMY), aimed at promoting new-generation entrepreneurs in India.