Those ridiculing Mudra scheme have no understanding of common man's capabilities: PM Modi

Prime Minsiter Modi’s swipe was apparently aimed at former finance minister P. Chidambaram who recently questioned the ‘Mudra’ scheme and wondered what kind of businesses can be started with a loan of ₹50,000

Prime Minister Narendra Modi said on April 13 the "new India" is moving ahead with new policies and strategies, and his government is working proactively in matters of technology and infrastructure, shunning the "reactive approach" of the past.

In a video address to a Rozgar Mela, Mr. Modi asserted the 'Mudra' loan project for small and micro enterprises has created over eight crore new entrepreneurs, and the government's policies and strategies have opened the doors to new possibilities.

He also took a swipe at those who "consider themselves big economists" and gave "loans on phone" to big businessmen but are "ridiculing" the scheme.

Also read: 83% MUDRA loans under ₹Rs 50,000, what kind of business can be done from that amount: Chidambaram

Though he named no one, his swipe was apparently aimed at Congress veteran and former finance minister P. Chidambaram who recently questioned the 'Mudra' scheme and wondered what kind of businesses can be started with a loan of ₹50,000.

Mr. Modi said ₹23 lakh crore loan has been given under the scheme with 70% of beneficiaries being women.

Microfinance does a lot in strengthening grassroots economy but some people who consider themselves big economists never realised this and they don't understand the capabilities of the common man, he said.