SRTEPC Head lauded the historic MSME Support and Outreach Programme announced by The Prime Minister, Shri Narendra Modi on Friday, 2nd November, 2018

The Prime Minister, Shri Narendra Modi launched the Micro, Small and Medium Enterprises (MSME) Support and Outreach Programme on Friday, 2nd November, 2018 at Vigyan Bhavan in New Delhi in the august presence of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley, Union Minister of State (I/C) for MSME, Shri Giriraj Singh, MOS (Finance) Shri Shiv Pratap Shukla, MOS (Finance & Shipping), Shri Pon. Radhakrishnan, Secretary, DFS, Shri Rajiv Kumar, Secretary, MSME, Shri Panda and senior officials of different Departments/Ministries, Banks and Financial Institutions. As part of this programme, the Prime Minister unveiled 12 key initiatives which will help the growth, expansion and facilitation of MSMEs across the country.

 

Shri Sri Narain Aggarwal, Chairman, SRTEPC congratulated Prime Minister, Shri Narendra Modiji for this historic initiative and welcomed the Support and Outreach Programme focused on the MSME sector. The SRTEPC Head lauded the imitative of the Government and informed that the various announcements and deliverables focused on access to credit, access to market, hand holding and facilitation support measures etc. for MSME Sector will substantially encourage and uplift the Indian MMF textile segment, as most of the manufacturing units of this segment are MSMEs. Small and Medium Enterprises are the backbone of Indian economy. The Outreach Programme is also likely to further invigorate the MSME sector since this sector is one of the major generators of employment opportunities and making a significant contribution to the overall growth of the economy, Shri Aggarwal stated. He also mentioned that this MSME focused Outreach Programme will give boost to the MMF textile manufacturing units in textile hubs like Surat, Bhiwandi, Itchalkaranji, Malegaon, etc.

MSME Outreach Programme will run for 100 days covering 100 Districts throughout the country. Various Central Ministers are likely to visit these districts in order to apprise the entrepreneurs about various facilities being extended to MSME Sector by the Government and financial institutions and to come forward and make best use of these facilities including access to credit and market, etc.

 

The key aspects for facilitating the MSME sector through the Outreach Programme are:  

Access to Credit

(i)                The 59 minute loan upto Rs. 1 crore to enable easy access to credit for MSMEs.

(ii)              2 percent interest subvention for all GST registered MSMEs, on fresh or incremental loans. For exporters who receive loans in the pre-shipment and post-shipment period, the interest rebate increased from 3 percent to 5 percent.

(iii)            All companies with a turnover more than Rs. 500 crore, must now compulsorily be brought on the Trade Receivables e-Discounting System (TReDS). Joining this portal will enable entrepreneurs to access credit from banks, based on their upcoming receivables. This will resolve their problems of cash cycle.

 

Access to Markets

(i)                Public sector companies have now been asked to compulsorily procure 25 percent, instead of 20 percent of their total purchases, from MSMEs.

(ii)              Out of the 25 percent procurement mandated from MSMEs, 3 percent must be reserved for women entrepreneurs. 

 

Technology Upgradation

20 hubs will be formed across the country, and 100 spokes in the form of tool rooms will be established.

 

Ease of Doing Business

(i)                The return under 8 labour laws and 10 Union regulations must now be filed only once a year.

(ii)              The establishments to be visited by an Inspector will be decided through a computerised random allotment.

(iii)            Under air pollution and water pollution laws, now both these have been merged as a single consent.

(iv)            The return will be accepted through self-certification.

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