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National News

Nov 03, 2018
8:44AM

PM Modi announces Rs 1 crore loan in 59 minutes for MSMEs

PIB
Prime Minister Narendra Modi has announced major steps including 59-minute loan portal for sanction of up to one crore rupees for small and medium enterprises (MSME). 

He was speaking at the launching ceremony of Government’s Support and Outreach Initiative for MSME. 

He said the measures are expected to boost the MSME since the sector is one of the major generators of employment opportunities and making a significant contribution to the overall growth of the country's economy. 

The Prime Minister said, mandatory procurement of 20 per cent from MSMEs by Public Sector Undertakings has now been increased to 25 per cent. 

Mr Modi said, it has also been decided that 3 per cent of the total purchases from it will be reserved for women entrepreneurs.

Mr Modi said, it will now be necessary for all Central Government companies to subscribe to Government E-Marketplace, GeM. 

The Prime Minister said, only one consent will be mandatory for MSMEs under air pollution and water pollution laws. He said, he will himself review the work of MSMEs in 100 districts. 

He said, due to reforms and landmark decisions taken by the Government, doing business in India has become very easy today. 

Meanwhile, industry bodies have hailed the series of measures announced by the Prime Minister for supporting MSMEs, saying it would ensure easier access to credit for the sector and address its problems.

Assocham Secretary General Uday Kumar Varma said in New Delhi yesterday that these measures will certainly go a long way in mitigating the pains of the MSME sector and also give them new energy and vigour. 

Confederation of All India Traders Secretary-General, Praveen Khandelwal said the announcement of in-principle approval of loan within 59 minutes reflects the government's commitment towards the MSME sector and will certainly boost business in the country. 

Federation of Indian Export Organisations said interest subsidy increase from 3 per cent to 5 per cent will provide competitiveness and a level-playing field to MSME exporters. 

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