PM Modi announces Rs 1 crore loan for MSMEs in 59 minutes; says India will soon break into top 50 on WB ranking

Prime Minister Narendra Modi on Friday, while launching the Union Government’s Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs), said the 12 major decisions taken by the Centre for MSMEs are 'historic' and will bring revolution in the deemed sector.

The prime minister was addressing a gathering at Vigyan Bhawan in New Delhi where he announced a slew of measures including sanction of loans of up to Rs 1 crore to small and medium enterprises in 59 minutes through a special portal to give a boost to the nation's second-biggest employing sector.

Apart from Modi, the launch event also marked attendance of several other BJP leaders like Finance Minister Arun Jaitley and Union Minister of State (I/C) for MSME Giriraj Singh.

Announcing the developmental measures in the national capital, Modi said, GST-registered small and medium enterprises (MSMEs) can now avail of a loan of up to Rs 1 crore in just 59 minutes, he said announcing the measures.

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LIVE : PM Modi launches MSME Support & Outreach Programme. #ModiWithMSME https://t.co/1F1hJ04Vjo

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Furthermore, the MSMEs will get 2 per cent interest subvention or rebate on an incremental loan of up to Rs 1 crore, he said. Interest subvention on pre and post shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent, Modi added.

Being delighted about India's improved ranking on World Bank's latest 'Ease of Doing Business' report, Modi attributed the change to his government's hard work and labour towards a New India.

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In four years, the Centre has achieved what many did not believe and achieved what no other nation in the world has done - leaping from 142nd rank in 2014 to 77th rank, Modi said. Breaking into top 50 rank is not far away, he claimed.

Besides Delhi, similar launch programmes will take place at 100 other locations across India. The launch events will be followed by a special address by the Prime Minister in the capital city.