There is no denying that India has made a big leap in terms of business reforms by moving up to the 77th rank in the 2018 global ease of doing business rankings. The rise is hailed as an historic move by the president of world bank, and he believes it to be an remarkable achievement for such a large population.
In another attempt to reform the MSME sector, PM Modi launched a new portal as a Diwali gift to the residents of the country.
This portal allows you to submit your application for a loan within just 59 minutes, making the process much easier than before. The portal will be able to receive applications for loans upto 1 crore rupees and is an attempt to support the MSME sectorof the industry which is the largest employment generator in the country, after agriculture.
The prime minister has also relaxed labour laws and increased easier compliance with the environmental laws of the nation. The Modi government also plans on spending ₹6000 crores in order to setup 20 hubs with around 100 tool rooms which will aid in upgrading the existing technologies of the MSME sector.
India is the only South Asian Country that has experienced such a huge rise in ranks consecutively over the past two years. With the same growth in mind, the country is projected to be among the top 5 economies of the world by 2019 and among the top 3 in the coming few years of the nation.
People on twitter were rather surprised by this pleasant announcement and the reactions were positive to say the least.
Here are the top 8 reactions we could find on twitter for you.
Congratulations to the @narendramodi ji Govt, will spur the sector with your outreach, which generates significant employment opportunities.contributes to the economy.Your vision for job creation thro currency loans,skill training & marketing Ventures has transformed this sector. pic.twitter.com/JueSXjO9uW
— किशन देवासी 🇮🇳 (@KishanDewasiBjp) November 2, 2018
Definitely a Diwali gift for MSMEs, loans upto Rs 1 Cr in 59 minutes with enhanced credit access to micro, small and medium businesses will give a boost to MSME sector. Govt under your leadership is taking strong efforts to boost economic growth & to generate employment. Kudos!!
— Dr.Swapneil B.Mantri (@drsbmantribjp) November 2, 2018
Thank you, Sir. You are the best. Great for everyone in India to start own business. Very liberating and empowering.
— Dr Mahesh Reddy (@SriMaheshReddy) November 2, 2018
Very good initiative. But hope the government staff don't make it tedious for those who approach them.
— vibgyorss (@vibgyor_PK) November 2, 2018
I admire u coz as a administrator u have always focused on creating opportunities not subsidies for Indians..And Gujaratis wen u were d CM of Gujarat…!
Thank you so much fr dis Initiative..wich I'll really help the small time entrepreneurs..thank you Prima minister sir.. 🙏
— Saheen Akhtar.. (@SaheenAkhtar1) November 2, 2018
@narendramodi Its a #Brilliant and #historical move!
Sir, May i request to please add the option for new or emerging MSME's As well. It will get the #YoungMinds to #Enterprise for #building #NewIndia. @PMOIndia @makeinindia @minmsme @CimGOI @sidbiofficial @girirajsinghbjp 🇮🇳🤗
— SpandanWeavers (@SpandanWeavers) November 3, 2018
Jai Ho PM Narendra Modi ji!
Online Loans upto ₹1Cr within 59 mins for Micro, Small and Medium Enterprises (MSME). Access to markets, easy credit facilities for fast track growth.
100 day – 100 Districts Support and Outreach Initiative.
Achche din for Commerce and Industry.
— Gaurav kr Mishra (@GAURAV4RSS) November 2, 2018
V practical approach Sir….👍👍👍
— Pritesh Vyas (@Pritesh_22417) November 2, 2018
What did you think about this latest launch by the prime minister? Feel free to share your thoughts with us in the comments below.