The support and outreach programme launched for the Micro, Small and Medium Enterprises (MSMEs) will help in the growth, expansion and facilitation of sector, said an official release on Monday.

The MSME sector has emerged as a highly vibrant and dynamic sector of the Indian economy over the last five decades, the MSME ministry release added.

MSMEs play a crucial role in providing employment opportunities. MSMEs are complementary to big industries and   contribute greatly to the socio-economic development of the country, the ministry said.

Keeping this in mind, the Union Budget, presented by the Finance Minister on 1stFebruary 2018 in the Parliament has given the sector a big thrust by enhancing the budgetary allocation   from Rs. 6481.96 crore in 2017-18 to Rs.6552.61 crore in 2018-19, the release said.

Among other measures, the MSME outreach programme makes provision for loans upto 1 crore within 59 minutes through an online portal and interest subvention of 2% for all GST registered MSMEs on fresh or incremental loans