[ad_1]
"During the time needed to get to your office, you can now get a loan. We had a pilot project and I set a target of 72,000 MSMEs in that context. To date, 72,680 people have been shipped, "said Modi.
The Prime Minister added that the loan option for businesses registered for GST will now be available through the GST portal itself. "When you file GST returns, you will be asked if you want a loan. Businesses registered for the GST will also benefit from a 2% discount on interest rates. Being part of the GST and being an honest taxpayer will become your strength, "said Modi. For exporters looking for pre- and post-shipment loans, the rebate was increased from 3% to 5%.
Modi added that companies with more than 500 crores of rupees will now be required to be part of the TReD, which will also include PSUs.
"In recent weeks, many departments have been involved in making these decisions. If you can break down silos and take collective responsibility, initiative and decision, the impact can be huge. In your silos, all your dreams come to files, "said Modi.
Credit contraction:
According to the 2017-18 Economic Survey, data on credits disbursed by banks show that, out of a total outstanding of Rs 26,041 billion in November 2017, 82.6% of corporate loans and MSMEs received only 17.4% of total credit. Recent turmoil in the NBFC sector has increased pressure.
Traditionally, banks were reluctant to lend to the sector for multiple reasons, such as the high risk factor badociated with being unorganized. their lack of readiness to be evaluated; their incoherent cash flow, and so on, among others. If they manage to move from the informal economy to the formal economy, it is badumed that mistrust between banks and MSMEs could be eliminated.
Linking GST data and access to credit in less than an hour may prove to be a huge booster dose for the sector.
[ad_2]
Source link
