[ad_1]
Prime Minister Narendra Modi on Friday announced sanctions on 59-minute loans, looser labor laws, easier enforcement of environmental rules, and a change in corporate law for small and medium-sized businesses to stimulate the country's second largest employment sector. 19659002] Announcing a series of measures for the sector, he said that micro, small and medium enterprises (MSMEs) registered in the GST will be sanctioned by a loan of 59 million rupees in 59 minutes via a new portal.
Registered MSMEs will get a subsidy or a 2% discount on new additional loans of a crore lower than 1 crore, he added, adding that the interest subsidy on credit before and after shipping for MSME exports rose from 3 to 5%.
To rid the sector of inspectors, Mr. Modi announced that inspections of factories in the sector would be sanctioned only through a random allotment and that inspectors should download reports to the portal within 48 hours. "No inspector can go anywhere now. He will be asked why he went to a factory, "he said.
To facilitate compliance with environmental regulations, MSMEs will need a single clearance of air and water and only one consent to establish a plant.
Deepawali Brighter
MSMEs will have to produce a single annual report on eight labor laws and ten central rules, he added, adding that an ordinance had been promulgated to simplify the law. imposition of penalties for minor offenses under the Companies Act.
. Modi called the 12 new "historic" measures that will strengthen Deepawali for the sector and its millions of contractors and employees.
A package of measures
Public sector enterprises were mandated to supply 20% of annual purchases. MSMEs will supply at least a quarter of their needs (25%) in the sector, he added, adding that 3% of the purchases made by the PSUs would be made by MSMEs led by women.
Central public sector enterprises will need to become members of the government online marketplace to facilitate the on-line purchase of goods and services for common use by various government departments and agencies.
million. Modi announced Rs. 6,000 crores for the creation of 20 concentrators and 100 tool rooms for the improvement of the technology.
Clusters for MSMEs in the pharmaceutical sector will be created to stimulate production in the sector, he said. A crore of 500 rupees should now be integrated into the TReDS (e-commerce accounts receivable system) platform, to avoid any cash flow problems for MSMEs.
Talking about India, gaining 23 places on the latest report published by the World Bank, entitled "The ease of doing business" In his rankings, Mr. Modi said in four years that his government had got what many people did not believe and that no other nation had done – going from 142nd in 2014 to 77th.
Getting into the top 50 is not that far
Process reform will help MSMEs, said Modi.
[ad_2]
Source link
