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Get Rs 1 cr in 59 mins: Modi; launches MSME portal


New Delhi, Prime Minister Narendra Modi on Friday said to promote medium and small scale business in the country, the government has launched a portal where one can apply for Rs one crore loan in 59 minutes -- a hassle free move. 'I am going to announce today first, countrywide launch of 59 minutes loan portal,' Mr Modi said while addressing the Support and Outreach initiative for the MSME sector. The MSMEs have given strength to India's infrastructural sector, said Mr Modi, adding that MSME is the second largest segment to provide employment opportunities to crores after agriculture in the country. The Prime Minister also hailed the jump, the nation has registered in ease of doing business and added due to the MSME sector, India has become an economic powerhouse. Mr Modi said the government has taken 12 decisions for MSME which are like a Diwali gift for the small enterprises and start a new era in the country. 'Global businesses have echoes of India at the center of discussion. India is ready to lead the fourth industrial Revolution today with MSME's contribution,' he said. 'These 12 decisions have been a huge gift for the MSME for Diwali. It will also mark a new beginning for small businesses in the country,' the Prime Minister said.Union Minister for Finance and Corporate Affairs Arun Jaitley and Union Minister for MSME Giriraj Singh were present on the occasion. MSME Outreach Programme will run for 100 days covering 100 districts throughout the country. Various Central Ministers are likely to visit these districts in order to apprise the entrepreneurs about various facilities being extended to MSME sector by the government and financial institutions and to come forward and make best use of these facilities including access to credit and market. It is expected that this Outreach Programme will help in further boosting the MSME sector since this sector is one of the major generator of employment opportunities and making a significant contribution to the overall growth of the economy.

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