PM Modi launches Centre’s major Support & Outreach Initiative for MSMEs

Prime Minister Narendra Modi gave a Diwali bonanza to MSME Sector while launching central Government’s major Support and Outreach Initiative for Micro, Small and Medium Enterprises in New Delhi on Friday.

Prime Minister dedicated 59 minute loan approval portal. Now GST registered MSME firms to get 2 % rebate on new loan upto Rs 1 crore.
Prime Minister said that the government has decided to increase interest subvention on pre & post shipment credit from 3% to 5%.

In his address Prime Minister said that 12 major decisions taken by Central govt for MSMEs Sector are proof that when after breaking Silos, collective initiatives are taken, collective responsibilities are fulfilled and collective decisions are taken.

Prime Minister said such initiatives create a comprehensive impact.

Prime Minister Modi said, it’s a matter of pride for us that India has taken a high jump of 23 ranks in “Ease of Doing Business” ranking this time.
Prime Minister said 4 yrs ago, when this government wasn’t in power, India was at 142nd position. Today the country is at 77th rank…and Prime Minister said that “top 50” isn’t too far from our reach.

Prime Minister said that today India is shining as a bright spot in the global economy.

Finance Minister Arun Jaitley and Union Minister Giriraj Singh were also present at the launch event of the Union Government’s Support & Outreach Initiative for Micro, Small & Medium Enterprises (MSMEs).

In his address Finance Minister Arun Jaitley said that direct benefit transfer through Aadhaar is saving Rs 90,000 crore per annum which is a great milestone.

Union MSME minister Giriraj Singh said that loans worth two lakh crores have been distributed to over 19 lakh entrepreneurs under the PMEGP. He added that this has provided jobs to thousands of people.