PM launches Support and Outreach Initiative for MSME

New Delhi, Nov 2: Prime Minister Narendra Modi launched event of the Union Government's Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs) on Friday. Finance Minister Arun Jaitley and Union Minister Giriraj Singh were also present.

Highlights of PM Modi's speech:

• 12 major decisions taken by Central govt for MSMEs Sector are proof that when after breaking Silos, collective initiatives are taken, collective responsibilities are fulfilled, & collective decisions are taken, it creates a comprehensive impact.
• It's a matter of pride for us that India has taken a high jump of 23 ranks in "Ease of Doing Business" ranking this time. 4 yrs ago,when this govt wasn't in power, we were at 142th position. Today we are at 77th rank & I believe that "top 50" isn't too far from our reach.
• I dedicate 59 minute loan approval portal to you & it has started benefiting the MSMEs businessmen already.
• The government has decided to increase interest subvention on pre & post shipment credit from 3% to 5%
• It is now mandatory that all the companies with turnover of more than Rs 500 crore will have to be join TReDS platform, that is Trade Receivables e- Discounting System. So that MSMEs doesn't face trouble in cash flow