On Sunday, April 9, 2023, former finance minister and Congress leader P Chidambaram took to Twitter to criticise the Mudra Loan Scheme of the central government. However, he was schooled by netizens for the elitism he exhibited in his tweet.
Chidambaram questioned that a large percentage of the Mudra loans are below Rs. 50,000 so how can one start a business with this much money. Twitter users educated Mr. Chidambaram following this and told him about multiple businesses that can be started in that amount.
P Chidambaram posted, “Under the Mudra Loan scheme, loans of the value of Rs 23.2 lakh crore have been given in eight years Impressive. Until you notice that 83 per cent of those loans are under Rs 50,000. That is Rs 19,25,600 crore of loans have been given to borrowers at the rate of Rs 50,000 or less. It leaves me wondering what kind of business can be done today with a loan of Rs 50,000?”
That is Rs 19,25,600 crore of loans have been given to borrowers at the rate of Rs 50,000 or less
— P. Chidambaram (@PChidambaram_IN) April 9, 2023
It leaves me wondering what kind of business can be done today with a loan of Rs 50,000?
As soon as the veteran Congress leader shared this tweet, Twitter users started informing him about the businesses that can be started with that amount.
The Mudra loan has in fact served several small businessmen in India who started with less capital and earned a livelihood for their families. These small businesses are mostly unorganized and cover the lower-income strata of the economy. This Mudra scheme has provided loans to these small business operators and helped them grow their businesses and empowered them financially.
JNU professor Anand Ranganathan tweeted in response, “What kind of business can be done with a loan of Rs 50,000? he wonders. With a loan of Rs 80, Jaswantiben started her business of Lijjat papad, drying and packaging them by hand. Today her turnover is 1810 crore. She employs 46,500 women. Together they make 4 billion papads.”
“What kind of business can be done with a loan of Rs 50,000?” he wonders.
— Anand Ranganathan (@ARanganathan72) April 9, 2023
With a loan of Rs 80, Jaswantiben started her business of Lijjat papad, drying and packaging them with hand. Today her turnover is 1810 crore. She employs 46,500 women. Together they make 4 billion papads. https://t.co/SbxLNRUZie
Tattvam Asi posted, “Sir, I helped 2 families buy pushcarts (13000 each) with a bit of modification, vegetables, and fruits worth 9000.. measuring weights ( for one) and cooking stuff for another in all about 38000. On average, families earn 400-500/day. Not bad for a poorly educated rural family with a house of their own under PMGAY (Pradhan Mantri Gramin Awas Yojana).”
On an average families earn 400-500/day. Not bad for an poorly educated rural family with a house of their own under PMGAY
— Tattvam Asi (तत्त्वम् असि!) (@Brahamvakya) April 9, 2023
A businessman Jagdish Bhatia posted, “Started my online business with the first purchase of Rs 26000 only.”
Started my online business with first purchase of Rs 26000 only https://t.co/7mvxwvtg8D
— Jagdish Bhatia (@jagdish) April 9, 2023
Daraius Ardeshir posted, “Street Vendors. Hawkers. Kabbadi Walas. Painters. Handcart Owners. Plumbers. Delivery Boys . . . the list is endless. But hey, what would an elitist ex-Minister, involved in various let’s-call-them-“multi-crore-transactions”, know what the common man can do with Rs 50,000 ??”
Street Vendors. Hawkers. Kabbadi Walas. Painters. Handcart Owners. Plumbers. Delivery Boys . . . the list is endless.
— Daraius Ardeshir (@DEArdeshir) April 9, 2023
But hey, what would an elitist ex Minister, involved in various let’s-call-them-“multi-crore-transactions”, know what the common man can do with Rs 50,000 ??
Professor Dr Ashish Gupta shared a list of businesses that can be started with a capital of up to Rs 50000. He wrote, “1. Confectionary shop 2. Grocery shop 3. Repair shop 4. Kirana shop 5. Barbershop 6. Puncture repair 7. Mobile sim shop 8. Electronic household repair shop 9. Medical disposable shop All this can be done with a 50K loan… I guess only cauliflower grown on a balcony requires investment in crores.”
1. Confectionary shop
— Prof Dr.Ashish Gupta (@ashishbadshah) April 9, 2023
2. Grocery shop
3. Repair shop
4. Kirana shop
5. Barber shop
6. Puncture repair
7. Mobile sim shop
8. Electronic household repair shop
9. Medical disposable shop
All this can be done with 50K loan… I guess only cauliflower grown in balcony requires…
Tinku Bhardwaj posted, “Sitting in your AC room, made thru ill-gotten wealth, wondering what business can be started. Hit the ground, talk to people. Many hardworking people do business with 1lac. Don’t sit in your ivory tower and give gyaan.”
Sitting in your AC room , made thru ill gotten wealth , wondering what business can be started.
— Tinku Bharadwaj (@Tinku_Bh) April 9, 2023
Hit the ground, talk to people.
Many hardworking people do business with 1lac.. Dont sit in your ivory tower and give gyaan
Incidentally, P Chidambaram was arrested and sent to jail in connection with the INX Media case in August 2019, a business that was started with several crores. Chidambaram was granted bail by the Supreme Court of India in December 2019, after spending over 100 days in Tihar Jail. The case is still ongoing.
