LOANS UP TO RS.1 CRORE IN 59 MINUTES: PM MODI LANUCHES SUPPORT PROGRAMME FOR MSMEs:
LOANS UP TO RS.1 CRORE IN 59 MINUTES:
☛ Prime minister Narendra Modi on November 2, 2018, launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector at Vigyan Bhavan in New Delhi.
ABOUT MSME SECTOR:
• The Indian MSME sector provides maximum opportunities for both self-employment and wage employment outside the agricultural sector.
• The sector generates around 100 million jobs through over 46 million units situated throughout the geographical expanse of the country.
• With 38 per cent contribution to the nation's Gross Domestic Product (GDP) and 40-45 per cent share of the overall exports and manufacturing output respectively, the sector plays a key role in our economy.
• Besides the wide range of services provided by the sector, it is engaged in the manufacturing of over 6000 products ranging from traditional to hi-tech items.
☛ As part of the programme, prime minister unveiled 12 key initiatives which will help the growth, expansion, and facilitation of MSMEs across the country.
☛ Modi announced 59-minute loan sanctions, relaxation in labour laws, easier compliance with environmental rules and changes in company laws for small and medium enterprises to give a boost to the nation's second-biggest employment sector.
FIVE KEY ASPECTS OF FACILITATING THE MSME SECTOR:
• Access to credit.
• Access to market.
• Technology upgradation.
• Ease of doing business.
• A sense of security for employees.
☛ Modi said that as a Diwali gift for the sector, the 12 announcements he is making, will address each of these five categories.
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