New Delhi, April 8 (IANS): Prime Minister Narendra Modi on Sunday hailed the union government scheme of Mudra Yojana for giving substantial impetus to the Micro, Small and Medium Enterprises (MSME) sector and said it is crucial for the country's transformation.

Launched in 2015, the Pradhan Mantri Mudra Yojana (PMMY) was introduced to cater to entrepreneurs who were either in their early stage or require lesser funds in order to get their business running.

As the scheme completed three years of its launch on Sunday, Modi tweeted his delight and said that his government was undertaking a series of steps and reforms to facilitate further growth in the sector.

"Through Mudra Yojana, the MSME sector is receiving a substantial impetus. MSME is a sector that is crucial for India's transformation and our government is undertaking a series of steps and reforms to facilitate further growth in the sector," Modi said.

He said the Mudra Yojana was furthering a spirit of enterprise and self-reliance among youth and women. The scheme was launched for providing loans upto Rs 10 lakh to the non-corporate, non-farm small and micro enterprises.

"A substantial number of Mudra beneficiaries are women and youngsters from the Scheduled Caste, Scheduled Tribes and Other Backward Class communities, which is extremely heartening," he said.

He said the PMMY was launched to give wings to the aspirations of citizens and harness the entrepreneurial energy among youth.

"...I am delighted to see how Mudra Yojana has brought prosperity in the lives of many."

The Prime Minister also took the opportunity to invite the beneficiaries of the scheme to share their success stories and said he would meet some of them at his official residence on April 11.

"Dear friends on social media, do share with me success stories of Mudra Yojana that you know about. I would love to meet some of the friends from the world of social media who share these stories," he said.

"...I look forward to a special programme!... It would be wonderful to speak to them and personally hear about their journeys," he said.