Loan in 59 minutes! PM Modi launches portal for SMEs seeking funds

World Bank President Jim Yong Kim described India’s jump in rankings as a “historic and unprecedented achievement”

World Bank President Jim Yong Kim described India’s jump in rankings as a “historic and unprecedented achievement”

"Now joining GST and paying taxes will be your strength", he said. "This will get you 2 per cent interest subsidy", he said.

He said now the establishments to be visited by an inspector would be decided through a computerized random allotment and that an entrepreneur would no longer have to approach the court for minor violations as the government had issued an ordinance to that effect. Inspectors have to account for why they went to a factory, Modi said. He will be asked why he went to a factory. The PM also said that only 10 per cent MSMEs will be inspected. MSMEs need file just one annual return for compliance with eight labour laws and 10 central rules, he said.

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. Observing that MSME play an important role in the economy, he said, "These are not just Diwali gift to them but this will herald a new era for them which provide the highest employment after agriculture".

PM Modi said that the government has chose to increase interest subvention on pre and post shipment credit from 3 per cent to 5 per cent.

PM Modi announced Rs 6,000 crore for creation of 20 hubs and 100 tool rooms for technology upgradation.

Underlining the reforms taken by his government for transparency, he said it is now mandatory that all the companies with a turnover of more than Rs 500 crore will have to join TReDS platform, that is Trade Receivables e- Discounting System.

In August, he said that if Congress came to power in 2019, it would shift the focus of the country's economic policy towards supporting MSMEs. "The important benefit of this would be that cash problem of the sector would be addressed". I would request big corporates to clear their bill and make payment without delay.

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The Prime Minister said that MSMEs could upload their supply bills, as proofs, on the web portal to receive loans from banks.

The portal is set up by the Small Industries Development Bank of India.

Hailing India's improvement on World Bank's latest "Ease of Doing Business" ranking, Modi said in four years, his government has achieved what many did not believe and achieved what no other nation in the world has done - leaping from 142 rank in 2014 to 77th rank.

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.

The PM was speaking at the launch of the government's Support and Outreach initiative for Micro, Small and Medium enterprises at Vigyan Bhavan in New Delhi on Friday.

PM Modi also heaped praise for MSME and ancillary units.

These would be all central government schemes related to insurance, pension, provident fund etc.

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