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PM launches historic Support and Outreach Initiative for MSME Sector

News and Press Release - Dated:- 2-11-2018 - PM unveils 12 key initiatives · 59 minute loan portal to enable easy access to credit for MSMEs · Mandatory 25 percent procurement from MSMEs by CPSEs · Ordinance for simplifying procedures for minor offences under Companies Act The Prime Minister, Shri Narendra Modi, today launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector. As part of this programme, the Prime Minister unv .....

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s 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. Access .....

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cement 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 ₹ 500 crore, must now compulsorily be brought on the Trade Receivables e-Discounting System (TReDS). He said that joining thi .....

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inister 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. The Prime Minister said that more than 1.5 lakh suppliers have now registered with GeM, out of which 40,000 are MSMEs. He said transactions worth more than ₹ 14,000 crore have been made so far through GeM. He said the sixth announcement is that all public sector undertakings of the Union Government .....

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s 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 announcement is 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 .....

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