New Delhi, Nov 3(India Today): In a major boost to Micro Small and Medium Enterprises (MSMEs), Prime Minister Narendra Modi on Friday (November 2) launched a 59-minute loan approval process. The Prime Minister called it a big step in breaking 'silos' and a shining example of 'collective initiative'.
PM Modi said the GST-registered MSMEs will be sanctioned a loan of up to Rs 1 crore in just 59 minutes through a new portal. "Minimum government and maximum governance is the core principle of our government. This is new India where no one needs to go around government offices," he said.
As part of government's support and outreach initiative for MSMEs, PM Modi also announced a relaxation in labour laws, easier compliance with environmental rules and changes in company laws.
To rid the sector of inspector raj, Modi announced that inspections of factories in the sector will be sanctioned only through a computerised random allotment and inspectors will have to upload reports on portal within 48 hours. "No inspector can now go anywhere. He will be asked why he went to a factory," he said.
PM Modi termed the 12 new measures "historic" that will make Diwali brighter for the sector and its millions of entrepreneurs and employees.
Talking of India jumping 23 places on the World Bank's latest 'Ease of Doing Business' ranking, he said in four years his government has achieved what many did not believe and what no other nation has done leaping from 142nd rank in 2014 to 77th position.
Breaking into top 50 rank is not far away, he added.