MSME to get loan up to Rs 1 crore in 59 minutes, PM Modi also announces interest rate discount
Prime Minister Narendra Modi on Friday launched a portal that will approve loans of up to Rs 1 crore to MSMEs in just 59 minutes.
New Delhi. At a time when micro, small and medium enterprises (MSMEs) in the country are facing the problem of getting loans, Prime Minister Narendra Modi on Friday launched a portal that will approve loans up to Rs 1 crore to MSMEs in just 59 minutes.
Launching the portal, PM Modi said that now you can get a loan from your home in the time it takes to reach the office. "We ran a pilot project with a goal of connecting 72,000 MSMEs," he said. To date, 72,680 MSMEs have been covered.
Prime Minister Narendra Modi said that the option to apply for a loan only on the GST portal has been made available to GST registered entities. Modi said that when you file a GST return, you will be asked if you want to take a loan. The GST registered entity will also be given a 2% discount on the loan interest rate. He said that being a part of GST and being an honest taxpayer will be your strength now.
The interest subsidy on loans to MSME exporters for pre- and post-export needs has been increased from 3 per cent to 5 per cent. Modi said that Rs. More than 500 crore companies will now compulsorily become part of TReDS and public sector entities will also be included.
Modi said the decisions were taken after discussions with several ministries over the past few weeks. If you break your boundaries and work with collective responsibility and make decisions, the consequences are huge. Working in a limited space, all your dreams die in the files.
PM Modi made these 12 announcements for MSME today
Nationwide launch of 1.59 minute loan portal.
2. MSME units registered under GST Rs. 2% rebate on interest rate on new loans up to Rs 1 crore.
3. Interest Subvention on Loans to MSME Exporters for Pre- and Post-Export Requirements from 3% to 5%.
4. Decision to increase compulsory procurement for public companies from MSMEs from 20% to 25%.
5. In case of purchase requirement by micro and small enterprise, 3% of the total purchase will be reserved for women entrepreneurs.
6. Now it has been made mandatory for all Central Government companies to subscribe to GeM.
7. It will also register all its vendors-MSMEs on this platform, so that MSMEs get maximum benefit in the purchases made by them.
8. For ease of doing business for pharma companies of MSME sector, they can reach customers directly, now it has been decided to create a cluster.
9. The Government has made major changes in the Companies Act 2013 to relieve MSMEs from legal complications.
10. The government will trust you and accept your return on self-certification. As with the Department of Labor, regular environmental inspections will end and only 10 percent of MSMEs will be inspected.
11. Under the Air Pollution and Water Pollution Acts, merging the two will now require only one consent for MSMEs.
12. Simplification of procedures for environmental clearance and self-certification will be encouraged.
25-Jun-2025