Pradhan Mantri MUDRA Yojana-Serving Micro Units at the Cost of Lenders?

Many studies, committees, commissions, etc., have shown the importance and role of micro, small and medium enterprises (MSMEs) in the overall development of the country including in its economic development. In the post-independent India, this sector has emerged as a highly vibrant and dynamic sector of Indian economy. It is through its contribution in many ways such as,(i) generation of large employment opportunities at comparatively and substantially lower level of capital employment, (ii) industrialization of not only industrially backward regions but also rural are aspreading the industrial activities across the nation and acting as a major partner in the country's ambitious mission of inclusive growth thereby contributing to the balanced regional development,(iii) working towards more equitable distribution of national income and wealth, etc. Besides, 3.6 crore units in this sector are producing more than 6,000 products for both domestic and overseas markets, contributing about 8% to country's gross domestic product (GDP), accounting for about 45% of manufacturing output and 40% to country's exports. Further, these enterprises, as ancillary units, complement the operating activities of large-scale organizations.All these statistics signify the vital role being played by the MSMEs.