“I dedicate the 59-minute loan approval portal to you. All GST-registered small and medium enterprises can now avail a loan of up to Rs 1 crore in just 59 minutes,” PM Modi said while addressing the crowd at the launch of the programme at Vigyan Bhavan in the national capital.
Prime Minister Narendra Modi has said that every GST registered Micro, Small and Medium Enterprise, MSME, will be given a rebate of 2 percent interest on the amount of a new loan or incremental loan up to one crore rupees.
Mr Modi said, the government has also decided to increase interest subvention on pre and post shipment credit for exports by MSMEs from 3 per cent to 5 per cent.
He said, due to reforms and landmark decisions taken by the Government, doing business in India has become very easy today. Mr Modi said, the World Bank's Ease of Doing Business Ranking, which was released just two days ago, is the proof of it.
He said, Government has done a lot of work at the ground level and improved the rules to make the industry easier for MSMEs. He said, Ease of Doing Business increases the simplicity and convenience and MSME sector can get best advantage from it. He said, MSMEs are the second largest sector after agriculture. He said, India has become the Economic Powerhouse today because of MSME sector.