SME Times is powered by   
Search News
Just in:   • 'India, Singapore working to connect Indian, ASEAN SMEs'  • Sensex, Nifty end flat on caution ahead of state polls  • Rural MSMEs need to be empowered: Minister  • UK announces draft agreement with EU on Brexit  • Odisha gets investment proposals worth Rs 3,900 cr in IT, electronics sector 
Last updated: 03 Nov, 2018  

Modi.9.Thmb.jpg Modi's Diwali gift to MSME sector: 12 key initiatives launched

MSME-outreach.9.jpg
   Top Stories
» 'India, Singapore working to connect Indian, ASEAN SMEs'
» Rural MSMEs need to be empowered: Minister
» Reforms to push India to $10 trillion economy: Prabhu
» Wholesale inflation rises to 5.28 pc in October
» 'Startup India Investment Seminar to woo Chinese investors'
SME Times News Bureau | 03 Nov, 2018

With just a few days to go for Diwali, Prime Minister Narendra Modi on Friday launched a "historic" Support and Outreach Initiative for the micro, small and medium enterprise (MSME) sector.

As part of this programme, the Prime Minister unveiled12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.

Modi said that the 12 decisions that he is announcing today, will mark a new chapter for the MSME sector.

Noting that MSMEs are one of the principal employment generators in India, the Prime Minister recalled the glorious Indian traditions of small scale industry, including Ludhiana’s hosiery, and Varanasi’s sarees.

He added that the success of economic reforms launched by the Union Government, can be gauged from the rise in India's “Ease of Doing Business Rankings,” from 142 to 77 in four years.

The Prime Minister said that there are five key aspects for facilitating the MSME sector. These include access to credit, access to market, technology upgradation, ease of doing business, and a sense of security for employees.

He said that as a Diwali gift for the sector, the 12 announcements he is making, will address each of these five categories.

As the first announcement, the Prime Minister announced the launch of the 59 minute loan portal to enable easy access to credit for MSMEs. He said that loans uptoRs. 1 crore can be granted in-principle approval through this portal, in just 59 minutes.

Modi mentioned the second announcement as a 2 percent interest subvention for all GST registered MSMEs, on fresh or incremental loans. For exporters who receive loans in the pre-shipment and post-shipment period, the Prime Minister announced an increase in interest rebate from 3 percent to 5 percent.

The third announcement made by the Prime Minister was that all companies with a turnover more than Rs. 500 crore, must now compulsorily be brought on the Trade Receivables e-Discounting System (TReDS).

He made his fourth announcement, thatpublic sector companies have now been asked to compulsorily procure 25 percent, instead of 20 percent of their total purchases, from MSMEs.

The Prime Minister said his fifth announcement is related to women entrepreneurs. He said that out of the 25 percent procurement mandated from MSMEs, 3 percent must now be reserved for women entrepreneurs.

His seventh announcement was that 20 hubs will be formed across the country, and 100 spokes in the form of tool rooms will be established.

On Ease of Doing Business, the Prime Minister said his eighth announcement is related to pharma companies. He said clusters will be formed of pharma MSMEs. He said 70 percent cost of establishing these clusters will be borne by the Union Government.

The Prime Minister said that the ninth announcementis on simplification of government procedures. He said the ninth announcement is that the return under 8 labour laws and 10 Union regulations must now be filed only once a year.

The Prime Minister said that the tenth announcement is that now the establishments to be visited by an Inspector will be decided through a computerised random allotment.

Modi said that the eleventh announcement is that under air pollution and water pollution laws, now both these have been merged as a single consent. He further said that the return will be accepted through self-certification.

As the twelfth announcement, the Prime Minister mentioned that an Ordinance has been brought, under which, for minor violations under the Companies Act, the entrepreneur will no longer have to approach the Courts, but can correct them through simple procedures.

 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 15 Nov, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Industry hails MSME Support and Outreach initiative(8)
» Starting an import export business: Basic guide for beginners(3)
» Impact of cheap Chinese products on the Indian economy(1)
» US-China tariff war: Opportunity for India(1)
» MSME loans can be provided only through banks: Jaitley(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter