Ranchi, May 25 (IANS) The story of the transformation of Dhaneshwar Saw, a Hazaribagh-based commoner, to a noted entrepreneur in his locality, is a testament to the potential and success of the Pradhan Mantri Mudra Yojana (PMMY), a flagship of the Modi government launched a decade ago to give wings to the Micro, Small, and Medium enterprises as well as enterprising individuals.

As the PMMY schemes have been around for more than a decade, the success stories of common individuals and small-time enterprises are coming to the fore.

By providing easy, collateral-free loans, this scheme has transformed the lives of thousands of people across the country.

Dhaneshwar Saw, a resident of Pakrar village in Jharkhand’s Hazaribagh district, is among many successful entrepreneurs who leveraged PMMY funds to start their own businesses and create a new identity for themselves.

In 2017, Dhaneshwar Saw secured a loan of ₹5 lakh from the Bank of India under the scheme. He owned a small shop at the time but harboured big dreams, aiming to achieve great things.

Today, he successfully operates three shops in Hazaribagh’s vegetable market and on the main road.

His success also got direct recognition from Prime Minister Narendra Modi at a public event.

Dhaneshwar Saw explains that the scheme instilled in him the confidence to grow. He noted that the most significant feature of this scheme is the availability of loans without the need for collateral or guarantees.

“This serves as a major relief for small traders, as previously, expanding a business was extremely difficult due to a lack of capital and the inability to provide collateral. Furthermore, by repaying the entire loan on time, he successfully earned and maintained the trust of the bank,” he explained.

Today, his success has become a source of inspiration for the entire region.

He used to ride a bicycle, but now arrives at his shops in his own car. He has built his own home, provided a better life for his family, and married off his three daughters in elaborate celebrations, with great pomp and festivity.

Mohammad Shahid, a local resident and Saw’s known acquaintance, recalled their close association for the past 40 to 45 years and recalled how the Mudra scheme brought about a monumental change in Saw’s life.

Notably, the Mudra Yojana completed 10 years of operation on 8th April, last year. The scheme, by removing the burden of collateral and simplifying access, has laid the foundation for a new era of grassroots entrepreneurship.

–IANS

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