Finance Minister Nirmala Sitharaman on Sunday reaffirmed the Modi government’s commitment to empowering small entrepreneurs and driving financial inclusion, during a credit outreach event in Leh, Ladakh. At the event, she handed over loan sanction letters worth over INR 5 Cr under major government schemes, including MUDRA, PMEGP, Stand-Up India, and PM Vishwakarma.
In a significant push towards micro-enterprise and self-employment, beneficiaries included homestay owners, artisans, and small business owners. Sitharaman highlighted that over 64,000 MUDRA loans and more than 600 Stand-Up India loans have already been disbursed in the Ladakh region, with Leh district leading in credit uptake.
The finance minister praised the rising credit activity by public sector banks, with loan sanctions consistently growing over the past two years. She noted the expansion of banking infrastructure, including 500+ touchpoints and increased deployment of banking correspondents, enhancing last-mile credit delivery in remote areas.
Sitharaman also stressed the importance of development anchored in local cultural identity, citing efforts such as the recognition of local languages under the Ladakh Official Languages Regulation Act, and granting classical language status to Pali, central to Buddhist heritage.
In the field of education, she highlighted the government’s initiatives, including the establishment of the University of Ladakh in 2019 and the Sindhu Central University to enhance access to quality higher education in the region.
Preserving local heritage, Sitharaman mentioned the creation of the National Institute of Sowa-Rigpa for promoting traditional medicine. Additionally, key local products like Raktsey Karpo apricots, Pashmina wool, Shingskos (wood carving), and seabuckthorn have been awarded GI tags, helping open up new export opportunities.
She also outlined the progress made in infrastructure, digital connectivity through BharatNet, mobile network expansion, and the region’s inclusion in green hydrogen projects, positioning Ladakh as a sustainable and inclusive development model.
The event brought together key stakeholders including NABARD, public sector banks, and financial institutions, with a clear focus on underserved communities, including SC/ST groups, women entrepreneurs, and remote populations.
