Updated By: LatestGKGS Desk
PM Narendra Modi 12 Key initiatives for Support & Outreach aspect for MSME sector
PM Narendra Modi 12 Key initiatives for Support and Outreach aspect for MSME sector: Detail List, Highlights
PM Narendra Modi proclaimed 12 key initiatives for the growth and support of the MSME sector on 3rd November 2018 at Support and Outreach Initiative for MSME event in New Delhi.
12 Key Initiatives Are As Follows:-
1. Launching 59-minutes loan portal to enable easy access to credit for MSMEs and grant of loans upto Rs. 1 crore through this portal.
2. 2% interest subvention for all GST registered MSMEs, on fresh or incremental loans. This would include an increase in interest rebate from 3 percent to 5 percent for exporters,
3. Companies with a turnover more than Rs. 500 crore, to be brought on the Trade Receivables e-Discounting System (TReDS).
4. Public sector companies to compulsorily procure 25 percent, instead of 20 percent of their total purchases, from MSMEs,
5. 25% procurement mandated from MSMEs, 3 percent must now be reserved for women entrepreneurs,
6. All public sector undertakings of the Union Government must now compulsorily be a part of Government E-marketplace (GeM),
7. 20 technology hubs will be formed across the country, and 100 spokes in the form of tool rooms will be established.
8. 70% cost of establishing pharma company clusters will be borne by the Union Government,
9. Return under 8 labor laws and 10 Union regulations must now be filed only once a year,
10. Establishments to be visited by an Inspector will be decided through a computerized random allotment.
11. Under air pollution and water pollution laws, an entrepreneur would now receive a merged environmental clearance and consent. He will himself review the work of MSMEs in 100 districts.
12. For minor violations under the Companies Act, the entrepreneur will no longer have to approach the Courts but can correct them through simple procedures.
Implementation of this outreach programme will be seriously assessed over the next 100 days.
