A 59-minute loan programme has been launched to help small business firms as part of the centre’s support and seek initiative for MSMEs (micro, small and medium enterprises) by Prime Minister Narendra Modi in New Delhi on Friday.
The programmes were like Diwali gifts for MSMEs in which 12 new decisions to aid the sector has been unveiled, PM Modi said.
He added, “Loan requests for up to Rs. 1 crore will be cleared in about the same time it takes for your morning travel.”
PM Modi while describing the 59-minute loan, said, “As we speak, somewhere in the country your entrepreneurial brother or sister is getting a loan… sanctioned in just 59 minutes.”
“Think, only 59 minutes. Just 59 minutes.”
Small businesses who file for Goods and Services Tax (GST) returns having loans up to Rs. 1 crore, 2% interest relief is announced for them.
Inspections of factories in the sector will only be sanctioned through a computerized random allotment, announced the Prime Minister.
Further adding, the inspectors will be required to upload the reports on the portal within 48 hours.
To establish a factory, the MSMEs will now just need a single consent and need single water and air clearance amid easing compliance with environmental rules.
At a gathering in Delhi’s Vigyan Bhawan, PM Modi told, “These 12 decisions are not just Diwali gifts for MSMEs but will also herald a new age and new chapter for small enterprises.”