Building Resilient Commerce through Credit Empowerment: Evaluating the Impact of PMMY on India’s Enterprise Ecosystem

Kanhai Kumar

doi:10.69968//ijisem.2026v5Si1108-117

Authors

Kanhai Kumar Research Scholar, Department of Commerce, Jai Prakash University

DOI:

https://doi.org/10.69968//ijisem.2026v5Si1108-117

Keywords:

Pradhan Mantri Mudra Yojana, Financial Inclusion, Credit Empowerment, Micro Enterprises, Resilient Commerce, VUCA World

Abstract

The Pradhan Mantri Mudra Yojana (PMMY), launched in 2015, has emerged as a major policy intervention for strengthening India’s micro and small enterprise ecosystem through the provision of collateral-free credit. This research paper evaluates the performance and impact of PMMY over a ten-year period from 2015–16 to 2024–25, drawing exclusively on secondary data relating to loan sanctions, disbursements, social category-wise and gender-wise distribution, and the composition of new and existing enterprises. The analysis shows that a total of 53,31,00,694 loans were sanctioned under the scheme, with sanctioned amounts rising sharply from ₹1,37,449.27 crore in 2015–16 to ₹5,52,801.78 crore in 2024–25. Disbursement efficiency remained consistently high at 96%–99%, reflecting strong administrative coordination. The scheme has demonstrated substantial inclusiveness, with women receiving 35,76,74,394 loans and SC, ST, and OBC categories together accounting for a significant share of total beneficiaries. PMMY supported 10,93,23,032 new entrepreneurs and 42,37,77,662 existing enterprises, indicating its dual role in promoting enterprise creation and sustaining business expansion. Overall, the findings confirm that PMMY has significantly contributed to credit empowerment, inclusive entrepreneurship, and the development of a resilient enterprise ecosystem in India.

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