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02 November 2018
 |
| MSME (The
Total Investment & Insurance Solutions) |
Prime
Minister Narendra Modi on Friday launched the Micro, Small and Medium
Enterprises (MSME) Support and Outreach Programme on Friday to enhance credit
access to the sector. The Total
Investment & Insurance Solutions
Speaking
at the launch of Support and Outreach Initiative for MSMEs at Vigyan
Bhawan in New Delhi, PM Modi announced the national roll out of online platform
for MSME credit which will enable businesses to get loans upto Rs 1 crore
within just 59 minutes. The Portal reduces the loan processing turnaround time
from 20-25 days to 59 minutes. Subsequent to this in principle approval, the
loan will be disbursed in 7-8 working days. The Total Investment & Insurance Solutions
The
MSME 'Support & Outreach Program' is being attended by Finance Minister
Arun Jaitley and Minister of State for MSME Giriraj Singh. The outreach
programme will run for 100 days covering 100 districts throughout the country.
Touching
upon several matters of vital interest to the MSME sector, he said, 12 major
decisions taken by the Central government are the proof that when after
breaking silos, collective initiatives are taken, collective responsibilities
are fulfilled, and collective decisions are taken, it creates a
comprehensive impact.
The
MSME sector constitutes a vast network of over 63 million units and employs 111
million people, contributing around 30 percent to the GDP. It accounts for about
45 percent of manufacturing output and around 40 percent to total exports.
A
major obstacle for growth of MSMEs is their inability to access timely and
adequate finance as most of them are in niche segments where credit appraisal
is a major challenge.The Total
Investment & Insurance Solutions
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