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Narendra Modi Announces Easier Access to Credit

Describing the decisions as a Diwali gift, Modi also announced a Rs 6,000 crore package for setting up MSME hubs

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Narendra-Modi
Narendra Modi.

In a major boost for micro, small and medium enterprises (MSME), Narendra Modi on Friday announced measures for easier access to credit and at cheaper rates for the sector.

Launching the MSME Support and Outreach Programme here, Prime Minister Narendra Modi said that working in a cohesive manner through various ministries, the government had taken 12 decisions to support the MSMEs, including women entrepreneurs.

“To ease access to credit for the MSME sector, it has been decided to launch a portal that will permit completing formalities for grant of loan of up to Rs 1 crore in 59 minutes,” Narendra Modi said.

The Prime Minister said that such a loan facility is also being launched for MSMEs registered under the Goods and Services Tax (GST).

Narendra Modi
Narendra Modi (Wikimedia Commons)

“A loan option has been launched for GST registered MSMEs through the GST portal, where MSMEs can apply for loan,” he said.

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For making available cheaper credit, Modi announced a 2 per cent cut in interest rates for loans of up to Rs 1 crore for GST-registered MSMEs. The reduction would also apply to “incremental loans” taken by such MSMEs.

Describing the decisions as a Diwali gift, Modi also announced a Rs 6,000 crore package for setting up MSME hubs. (IANS)

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Prime Minister Narendra Modi to Form Committee on ‘One Nation, One Election’

He said that members of all the opposition parties present at the meeting supported the idea barring the CPI and CPI-M

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Narendra-Modi
Narendra Modi.

Prime Minister Narendra Modi in an all-party meeting on Wednesday said that a committee will be formed to look into the various issues regarding the “one nation, one election” plan.

Defence Minister Rajnath Singh told this to the media after the conclusion of the meeting which lasted for over three-and-a-half hours.

Singh said that five major agendas were discussed in the meeting, including the “one nation, one election” agenda.

modi, congress party
India’s Prime Minister Narendra Modi waves toward his supporters during an election campaign rally in New Delhi, May 8, 2019. VOA

He said that members of all the opposition parties present at the meeting supported the idea barring the CPI and CPI-M.

“Only CPI and CPI-M expressed difference of opinion, saying how it could be implemented,” the Defence Minister said.

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Over 40 parties were invited for the meeting in which 21 party chiefs participated while three expressed their inability to join the meeting citing some reasons, Singh added. (IANS)