PM Narendra Modi announces 12 steps for revival of small and medium industries

File photo of Narendra Modi. Photograph:( ANI )

WION Web Team New Delhi, Delhi, India Nov 02, 2018, 05.37 PM (IST)

Prime Minister Narendra Modi on Friday launched the Central governments 'Support and Outreach' initiative for Micro, Small and Medium Enterprises (MSMEs)  during an event at Vigyan Bhavan in New Delhi.

Speaking at the event, PM Modi said the government has taken 12 historic decisions which will boost small and medium enterprises. The initiative will help generate employment in micro, small and medium enterprises (MSME) sector. 

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.

Also, GST-registered MSMEs will get 2 per cent interest subvention or rebate on the incremental loan of up to Rs 1 crore, he said. 

Union Finance Minister Arun Jaitley and Union Minister of State of MSME Giriraj Singh were also present at the event.

Highlights of PM Modi's speech:

The government has taken 12 big decisions in the MSME sector. These decisions show that when silos are broken and collective initiatives, collective decisions are taken then it has a much wider impact.

I dedicate 59 minute loan approval portal to you & it has started benefiting the MSMEs businessmen already: PM Modi at the launch event of the Union Government’s Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs).

After agriculture, MSME is the biggest job provider sector. If agriculture is the backbone of India's economy then MSME is taking the economy to newer heights.

India has improved its ranking in Ease of Doing Business Index. No one could have imagined four years ago. The improved position has helped the MSME sector the most.

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Besides Delhi, similar launch programmes were held at 100 locations across the country, where Union Ministers and Ministers from State governments are present. 

The Centre has accorded high priority to the MSME sector in recent years. This outreach and support programme, which will run for the next 100 days, covering the entire country, is expected to provide even greater synergy to the efforts being made for this sector.

Story highlights

The government has taken 12 big decisions in the MSME sector. These decisions show that when silos are broken and collective initiatives, collective decisions are taken then it has a much wider impact.