Prime Minister Narendra Modi has announced major steps including 59-minute loan portal for sanction of up to one crore rupees for small and medium enterprises (MSME). He was speaking at the launching ceremony of Government’s Support and Outreach Initiative for MSME. He said the measures are expected to boost the MSME since the sector is one of the major generators of employment opportunities and making a significant contribution to the overall growth of the country’s economy.
The Prime Minister said, mandatory procurement of 20 per cent from MSMEs by Public Sector Undertakings has now been increased to 25 per cent. Modi said it has also been decided that 3 per cent of the total purchases from it will be reserved for women entrepreneurs. The PM said it will now be necessary for all Central Government companies to subscribe to Government E-Marketplace, GeM.