Loan in 59 minutes! PM Modi launches portal for SMEs seeking funds

MSME support programme to enhance credit access to be launched by PM today

MSMEs can register and apply for a loan.

PM Modi termed the 12 new measures "historic" that will make Diwali brighter for the sector and its millions of entrepreneurs and employees.

Announcing the fourth decision, the PM said that the government companies will have to buy 25 per cent of its purchases from MSMEs. Third, improved technical assistance.

Modi said that his government will establish Tool Rooms across the country for technological upgradation.

"This affects your cash flow which further affects your business", he said.

"Now the GST portal will ask MSME, do you need a loan?"

Each public sector bank has been enrolled on the portal which will assess the entrepreneur's bank statement, income tax return and GST return to sanction the loan.

This is the only platform in the market, which includes GST, ITR, Bank Statement Analyzer, Fraud Check and Bureau Check under one umbrella, online and available 24 * 7. Talking about the loan portal, Jaitley said over 72,000 loan application has been approved by the portal.

He added that exporters would also be eligible for a subsidised interest rate for pre/post shipment requirements.

"For all companies with turnover more than Rs 500 crore, registration on TReDS will be compulsory", he said. All public sector undertakings must now compulsorily be a part of GeM, Modi said. Of this, 3 percent must be reserved for women entrepreneurs. Modi also announced a simplification of government procedures to enhance the Ease of Doing Business.

Mr Modi said, it will now be necessary for all Central Government companies to subscribe to Government E-Marketplace, GeM.

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"Centre will develop 20 technology centres as hubs and 100 centres as spoke to provide training in latest technology", he said. For this, he announced a Rs 6,000 crore package. Now returns under eight labour laws and 10 union regulations must be filed only once a year, instead of twice.

"This would be done once a year against a current practice of twice", he said. He said this will end in the era of Inspector Raj.

He said inspection will be technology-based and the report will be submitted on the portal within 48 hours.

Moreover, to make the business environment more conducive, Modi pitched for self-attestation of environmental clearances.

MSMEs will now have to obtain only one consent with regard to air and water pollution. The PM also said that only 10 per cent MSMEs will be inspected. An Ordinance has been promulgated to simplify levy of penalties for minor offences under the Companies Act. "As a Diwali gift for the sector, the 12 announcements will address each of these five categories". He said that a mission will be launched to ensure that they have Jan Dhan Accounts, provident fund and insurance.

Modi launched the 100-day MSME outreach programme midst much fan-fare and cheer from the sector.

"We are significantly pushing for initiatives for MSMEs".

About 97 per cent of MSMEs operate in the informal sector.

The Prime Minister recalled India's strong traditions of small scale industries, including Ludhiana's hosiery, and Varanasi's sarees.

He said that he will himself inspect the work done by MSMEs in 100 districts of the country.

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