PM Narendra Modi promises MSMEs Rs 1 crore loan in 59 minutes
NEW DELHI: Prime Minister Narendra Modi on Friday announced a dozen measures for small and medium enterprises, including loans of up to Rs 1crore in 59 minutes, relaxed labour laws and easier compliance with environment laws, to perk up the big job-generator sector.
Modi’s 12-point ‘Support and Outreach Initiative’ for micro, small and medium enterprises (MSMEs) comes even as the government continues to press the Reserve Bank of India (RBI) for relaxing non-performing loan guidelines for the sector.
The liquidity constraints currently faced by non-banking finance companies (NBFCs) is expected to hit MSMEs the most, a sector that has been also at the receiving end of demonetisation and the goods and services tax (GST).
Calling the new measures a big Diwali gift, Modi said it would herald a new era and chapter for the MSME sector, the biggest employment generator after agriculture.
The government will run an outreach programme, which includes changes in companies law, for 100 days to take the scheme to the entire country to address issue of access of credit, high cost of credit, timely payments, access to market and ease of processes and compliance.
MSMEs can seek loan of up to Rs 1 crore in just 59 minutes through a new portal, Modi said. Firms registered for GST can also avail a 2% interest subvention, or rebate, on incremental loan of up to Rs 1 crore, he said.
Interest subvention on preand post-shipment credit for exports by MSMEs has been raised to 5% from 3%.
Public sector companies will now source at least a quarter of their requirement from MSMEs against 20% earlier and, within that, 3% would have to be done from units run by women. All central public-sector enterprises will have to join the government’s e-Marketplace (GeM) to facilitate online procurement of common use goods and services by various government departments and organisations. The prime minister said more than 1.5 lakh suppliers have registered with GeM, including 40,000 MSMEs.
The government will spend Rs 6,000 crore to set up 20 hubs and 100 tool rooms for technology upgradation of MSMEs.
Clusters for MSMEs in pharma sector will be created to boost production in the sector, Modi said.
All companies with turnover of more than Rs 500 crore would have to now come on Trade Receivables e-Discounting System (TReDS) platform, so that there is no cash flow problem for MSMEs.
Inspector visit to factories in the sector will be sanctioned only through computerised random allotment and inspectors will have to upload reports on the portal within 48 hours, a measure the prime minister said would rid the sector of ‘inspector raj’. “No inspector can now go anywhere. He will be asked why he went to a factory,” he said.
MSMEs will now need a single air and water clearance and just one consent to establish a factory. They will have to file just one annual return on eight labour laws and 10 central rules. The prime minister also said an ordinance has been promulgated to simplify levy of penalties for minor offences under the Companies Act.
Modi also said a mission will be launched to ensure that MSME employees have Jan Dhan Accounts, provident fund and insurance.
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