Chhattisgarh: Financial condition of Balrampur residents improved through PMMY

Balrampur (Chhattisgarh), April 18 (IANS) The Pradhan Mantri Mudra Yojana (PMMY), an ambitious initiative launched by Prime Minister Narendra Modi, is transforming lives across India - and the story of Abhay Singh from Ramanujganj in Chhattisgarh's Balrampur district is yet another testament to its success.

Abhay Singh, a private school teacher at Saraswati Shishu Mandir in Ramanujganj, once struggled to manage household expenses and the school fees of his two children. His daughter is currently studying in Jharkhand's Dhanbad, while his younger son attends the same private school where he teaches. His wife, Priyanshi, is a homemaker.

Faced with financial constraints and limited income from his teaching job, Singh decided to venture into entrepreneurship. Inspired by a business idea he came across on social media, he started a small-scale slipper manufacturing business with an initial capital of Rs 50,000. Although the venture showed promise, he soon faced challenges in scaling it due to a lack of funds and manpower.

It was at this juncture that he learned about the PMMY. Through the State Bank of India, he availed a loan of Rs 5.5 lakh with the PMMY, which enabled him to purchase essential equipment and raw materials from Delhi and set up a small factory at home. The initiative proved to be a game-changer.

Singh's process of making slippers is efficient and systematic. It takes approximately 16 minutes to produce a single pair. The procedure includes measuring, cutting, grinding, printing, and assembling using machines, followed by packaging. His wife assists him in the manufacturing process, making it a true family-run enterprise.

The cost of production varies by size — Rs 22–25 for children’s slippers and Rs 55–60 for adult pairs. On average, each pair yields a profit of Rs 10–15. The family currently produces enough to earn around Rs 1,000 per day, for a monthly income of Rs 35,000-40,000.

“PMMY has completely changed our lives," Singh told IANS.

"We’re now able to meet household expenses, pay for our children's education, and even save a little. I plan to expand the business further, hire staff, and focus more on marketing and product quality."

He added that while raw materials are currently sourced from Delhi, discussions are ongoing with suppliers in Raipur. Local sourcing would help reduce costs and increase margins.

Singh balances both his roles — as a school principal and an entrepreneur — with determination. His long-term goal is to offer affordable, quality footwear and provide employment opportunities to others in his community.

His wife also shared her experience.

"In a middle-class family, managing expenses with a single income is tough, especially with children in private schools. This business has brought hope. Earlier, it was difficult to pay school fees, but now things are much better. I am thankful to Prime Minister Modi - this scheme has truly changed our lives," Priyanshi told IANS.

Launched in 2015, the PMMY has played a key role in promoting grassroots entrepreneurship by offering collateral-free loans to micro and small enterprises. The scheme empowers individuals from economically weaker sections by removing the burden of providing security or assets to secure funding.

Loans under the scheme are categorised into three brackets: Shishu (up to Rs 50,000), Kishor (Rs 50,001 to Rs 5 lakh), and Tarun (Rs 5 lakh to Rs 10 lakh), catering to different stages of business development.

--IANS

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