New Delhi: In a Diwali bonanza, Prime Minister Narendra Modi on Friday announced a slew of measures, including sanction of loans of up to Rs 1 crore to small and medium enterprises in 59 minutes through a special portal, to give a boost to the nation’s second biggest employing sector.
The 12 new decisions announced will enhance small industries’ credit access, a move seen as a part of the government’s political outreach ahead of the Lok Sabha polls just months away.
The decisions, which he termed as “historic”, were announced to boost MSMEs by improving their access to market, hand-holding and offering facilitation support. The decisions also include relaxation in labour and company laws as well as easier compliance with environmental rules for MSMEs.
The Prime Minister on Friday said the government’s move will make Diwali brighter for the sector and its millions of entrepreneurs and employees.
