The Prime Minister, Shri Narendra Modi addressing at the launch of the Support and Outreach Initiative for MSMEs, in New Delhi on November 02, 2018.
How India Plans to Support Small and Medium Businesses
The Prime Minister, Narendra Modi, launched Friday a support and outreach program for the Micro, Small and Medium Enterprises (MSME) sector of India.
As part of this program, the Prime Minister unveiled 12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.
The support includes 59-minute loan portal to enable easy access to credit for MSMEs, mandatory 25% procurement from MSMEs by Central Public Sector Enterprises (CPSEs), and ordinance for simplifying procedures for minor offences under Companies Act.
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The Prime Minister said that the decisions that he is announcing today, 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.
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Coming to technological upgradation, the Prime Minister said that tool rooms across the country are a vital part of product design. He added that 20 hubs will be formed across the country, and 100 spokes in the form of tool rooms will be established.
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.
He 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.
Photo courtesy: Press Information Bureau