Decision 01: Just '59 minute' loan portals for MSME. Loan approvals for up to 1 crore for the MSME sector. Already more than 72,000 MSMEs loan requests approved. This can be checked through LIVE counters. #ModiWithMSME
Decision 02: Interest rate for every GST registered MSME will be 2% lower than market rates. This is for fresh loans up to 1 crores and for incremental loans for up to same value. Additionally, exporters will get 3% to 5% subvention on their loans. #ModiWithMSME
Decision 03: All companies with turnover more than 500 Cr will now be compulsorily on-boarded on TReDS. MSMEs supply to big companies but if their payments get stuck then they can upload their bills on this platform and banks will help generate cash flow for MSMEs. #ModiWithMSME
Decision 04: Government has mandated that 25% of purchases by all government entities is from MSMEs. #ModiWithMSME
Decision 05: It will now be mandatory that all government entities buy minimum of 3% of all their procurement from MSMEs run and owned by women. #ModiWithMSME
Decision 06: It will be mandatory for all central government enterprises to be on GeM portal. This will end middlemen culture and MSMEs can supply their produces directly to government. Quality certification for MSMEs would also be made easier. #ModiWithMSME
Decision 07: For technological up-gradation of MSMEs, 20 new hubs will be created and 100 Toll rooms with expense of Rs. 6,000 Cr would be done. This will help in training, design and quality of MSMEs. #ModiWithMSME
Decision 8: Pharma companies in MSME sector will now have benefit of clusters. 70% expense for creating these clusters will be done by central government. This will help these MSME pharma companies to directly reach consumers. #ModiWithMSME
Decision 09: To ensure ease of doing business for MSMEs, for 8 labour laws and for 10 central government rules, returns will now need to be filed just ONCE a year instead of current twice. #ModiWithMSME
Decision 10: Inspectors will now be allocated which factories to inspect and when only through randomized computer allocation. They will have to log in their reports of inspection within 48 hours. And will have to give reasons. This will end inspector raj. #ModiWithMSME
Decision 11: Government trusts our MSME sector. Thus self-certification is the model that the government believes in. Now air and water pollution consents will NOT be needed separately but these will be merged into one. Routine environment inspections will end. #ModiWithMSME
Decision 12: Companies Act will be amended by ordinance to ease the MSME sector. For small mistakes and inadvertent errors MSME sectors will not have to face courts and criminal action. These can be sorted out departmentally. This will end 60% such cases (in lakhs). #ModiWithMSME
The website for loan approvals for the MSME scheme announced by PM Modi: psbloansin59minutes.com || MSMEs account for more than 90% of India companies. They are run not by big corporates but by entrepreneurial class. They are the biggest job generators. Transformative impact.
