PM Modi Announces Rs 1 Crore Loan In 59 Minutes For Small Industries, Got Trolled Instead

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3:19 pm 3 Nov, 2018

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In order to reach out to small industries, PM Modi has announced a dozen measures including 59-minute loan portal for sanction of up to Rs 1 crore for small and medium (MSME) enterprises. In order to boost the big job-generating sector, the prime minister also relaxed labour laws and easier compliance with environment laws. PM Modi called it as a big Diwali gift and said it would herald a new chapter for the MSME sector, which is the biggest employment generator after agriculture.

Through a new portal, now MSMEs can seek loan of up to Rs 1 crore in just 59 minutes. The government will also be spending Rs 6,000 crore to set up 20 hubs and 100 tool rooms for technology upgradation of MSMEs.

 

Meanwhile, sustained business reforms over the past several years helped India jump 23 places to move to 77th position in this year’s global ease of doing business rankings. World Bank president Jim Yong Kim hailed it as a “historic and unprecedented achievement”. He said in a short period of four years, it is remarkable that a nation of over 1.25 billion people has achieved a rise of 65 ranks.

 

 

India is the only South Asian country to achieve this distinction two years in a row. The policymakers believe India would become the world’s fifth largest economy in 2019 and among the top three in the coming years.

However, on Twitter it was altogether a different story. People hit out at Modi government:


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