An important announcement was made by the Prime Minister regarding the loan portal in which a loan of up to 1 crore rupees can get sanction in just 59-minutes of time. Under this loan portal, loans for all kind of small and medium enterprises will be sanctioned, revealed sources. PM Modi was present to address the launching event of Government’s Support and Outreach Initiative for MSME.

PM Modi while addressing the event said that the initiative will increase the MSME as it is considered to be one of the key areas for generating employment opportunities and will play an important role in the overall development to the economy of the country.  He further added that there has been an increase of 25 percent in the mandatory procurement from MSMEs by Public Sector Undertakings which was 20 percent in the previous years.

PM Modi also informed that the rule has been set up under which the 3 percent of the total purchases will be secured for the women entrepreneurs. He added that from now onwards it is mandatory for all the central government organizations to register to Government E-Marketplace, GeM.

Prime Minister Modi said that under air pollution and water pollution laws there is only one approval which will be required for MSMEs. Also, Prime Minister Modi himself will reassess the work of MSMEs in 100 districts. He also added that the process of establishing new businesses in India has become very easy now because the government has taken many initiatives and has introduced various schemes and programmes.

The industrialist also supported the MSMEs decision by PM Modi and said that it would definitely be a great idea as many sectors will get easy access to credit and will be able to solve their problems.

Yesterday, the Secretary-General of Assocham Mr. Uday Kumar Varma said in New Delhi that these methods will definitely be a great solution for the problems of the MSME sector and will also provide new boost and energy. Also, the Confederation of All India Traders Secretary-General, Mr. Praveen Khandelwal said that PM Modi’s declaration regarding the sanction of the loan in just 59 minutes indicates that the government is seriously committed towards the MSME sector and this will lead improving the business opportunities in the nation.