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

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

Announcing his "Diwali gift" for small and medium enterprises, Prime Minister Narendra Modi on Friday said that loans of up to Rs 1 crore will be sanctioned in 59 minutes through a special portal as part of the Centre's Micro, Small and Medium Enterprises (MSME) Support and Outreach programme. "We must take collective initiative & responsibility for the MSME sector", he said. All companies with a turnover of more than Rs 500 crore would have to now come on Trade Receivables e-Discounting System (TReDS) platform so that there is no cash flow problem for MSMEs. He said that his government has taken twelve major decisions to support MSMEs in the country. "Being a part of the GST and being an honest taxpayer will become your strength".

Exporters seeking loans on pre-export and post-export can now get rebate of 5% on loans, which was 3% earlier.

Announcing the fourth decision, the PM said that the government companies will have to buy 25 per cent of its purchases from MSMEs. The PM said that government companies made purchases of around Rs 1 lakh 14 thousand crore from various sources previous year. Of this, 3 percent must be reserved for women entrepreneurs.

He sanctioned Rs 6,000 crore for technology upgradation through20 hubs and 100 tool rooms. Modi said the world has its eyes on the new India's progress and that the nation is now at the centre of worldwide business discussions.

Modi announced that MSMEs would have to file returns under eight labour laws and 10 union regulations only once a year.

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To rid the sector of inspector raj, PM Modi announced that inspections of factories in the sector will be sanctioned only through a computerised random allotment and inspectors will have to upload reports on portal within 48 hours. Reform of processes will help MSMEs, PM Modi said. MSMEs can use single consent for air and water clearance for factories. He added that an ordinance has been promulgated to simplify levy of penalties for minor offences under the Companies Act.

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.

He said that he will himself inspect the work done by MSMEs in 100 districts of the country. "Fourth is to enhance ease of doing the business and lastly, job security to the sector", he said.

"It's a matter of pride for us that India has taken a high jump of 23 ranks in Ease of Doing Business this time". Four years ago, when this government wasn't in power, we were at 142nd position.

More than 1.5 lakh suppliers, he said, had now registered on the government e-marketplace (GeM), out of which 40,000 are MSMEs, and that transactions worth more than ₹14,000 crore had been made so far through the GeM.

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