Pointing out that the Centre has taken several initiatives including customisation of products and strategies as per the needs of Micro, Small and Medium Enterprises (MSMEs) and automated loan processing has been introduced to achieve faster turnaround and accelerate their growth, Union Minister of State for AYUSH Shripad Naik said that easy availability of credit will also foster India’s entrepreneurial spirit. This initiative will set a new benchmark in loan delivery mechanism by reducing the turnaround time from 20-25 days to just 59 minutes, he reiterated.
Prime Minister Narendra Modi launched the Union government’s support and outreach initiative for MSMEs in the presence of Union Minister for Finance and Corporate Affairs Arun Jaitley and the Union Minister of State for MSME Giriraj Singh at Vigyan Bhawan in New Delhi which was telecast across India through live streaming. In Goa, the function was organised by the Directorate of Industry, Trade and Commerce along with MSME-DI and SBI.
The Union government has accorded top priority to the MSME sector in recent years. This outreach and support programme will run for the next 100 days, covering the entire country, and is expected to provide even greater synergy to the efforts being made for this sector. The programme has been implemented in mission mode and will be monitored on a continuous basis by senior officials of Union and state governments.
On the occasion, the Prime Minister announced various measures to help MSME businesses on faster access to credit, improved cash flows, more access to markets, simple regulatory compliance, social security for employees and benefits from GST enrollment etc
