Published Paper Details:

Financial inclusion has become a key priority in India's economic policy, particularly for micro and small enterprises that face barriers in accessing formal finance. The Pradhan Mantri Mudra Yojana, launched in 2015, addresses this gap by providing collateral-free loans to non-farm micro-enterprises. This study evaluates PMMY's impact on first-generation entrepreneurs in Karnataka, with a focus on Koppal City, using a mixed-method approach combining secondary data and interviews with 50 beneficiaries. The findings show that PMMY has significantly expanded credit access for women and socially disadvantaged groups. While its tiered loan structure supports entry-level entrepreneurship, progression to higher loan categories is constrained by financial, compliance, and mentoring challenges. Karnataka performs relatively better due to supportive ecosystem factors. Overall, PMMY has enhanced entrepreneurial participation, but sustained growth requires stronger skill development and institutional support systems.