Question: Which of the following initiative are taken by Prime Minister Narendra Modi for MSME sector?
(a) 59 minutes loan portal to enable easy access to credit
(b) Mandatory 25 per cent procurement from MSMEs and CPSEs
(c) Ordinance for simplifying procedures for minor offences
(d) All of the above
- Prime Minister Narendra Modi announced 12 measures to boost the Micro, Small and Medium Enterprises (MSME) sector.
- It includes a 59 minute loan portal for easy access of loan up to 1 crore and 2% subvention for all GST registered MSMEs. Link to this portal will be made available through the GST portal.
- All central government companies will have to subscribe to Government E-Market place (GeM), and it is mandatory to procure 25 per cent form MSMEs by public sector undertakings. Out of the 25 percent procurement, 3 percent must now be reserved for women entrepreneurs.
- An Ordinance has been brought, under which, for minor violations under the Companies Act, the entrepreneur will no longer have to approach the Courts, but can correct them through simple procedures.
These are key initiatives taken by the PM-
- Access to credit, Access to markets, Technology up gradation, Ease of doing business, Social Security of MSNE sector employees.
By Ramayan Upadhyay