India
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
T
he Prime Minister, Narendra Modi, launched a historic support and outreach programme for the Micro, Small and Medium Enterprises (MSME) sector. As part of this programme, the Prime Minister unveiled 12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.
The Prime Minister said that the 12 decisions, that he announced, 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.
The Prime Minister said 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: Access to Credit, Access to Markets, Technology Upgradation, Ease of Doing Business and Social Security for MSME Sector Employees.
