V K Singh stated the MUDRA scheme is a tool for young tycoons to be endowed to do what they want.
Mumbai: The individuals who go abroad do well because of low-interest rates on loans which aid them to take forward their thoughts and opportunities, Minister of State for External Affairs V K Singh stated on Wednesday.
He was addressing a conference of bankers in Mumbai, as part of an advertising campaign of MUDRA (Micro Units Development and Refinance Agency).
“Individuals going abroad do very well and the cause for it is very simple. They get a good chance there and have the vital financial support to take their thoughts forward. Also, the interest rates on banks are very low there,” Singh said.
He stated the MUDRA scheme was a tool for young businesspersons to be endowed to do what they want.
“There is no security required to gain the loans and the paperwork is also very least. Rendering to figures, women have been the major beneficiaries of this scheme,” he stated.
Singh questioned the bankers to interrelate with beneficiaries and seek their proposals, feedback, and complaints to make sure that the scheme can be made well with time.
“MUDRA can be an implement to stop farmer suicides as well typically due to over encumbering from loans. The other members of the family can benefit the loan facility and do some other work to poise the bad finances,” he alleged.
Singh said that as employment opportunities are restricted in the country, the banks should motivate people to widen their possibility of work and employ more people to aid cut down the unemployment rate.
Maharashtra’s Women and Child Development Minister Pankaja Munde, Shiv Sena MP Arvind Sawant and BJP MLA Raj Purohit were present on the event.