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:
And MSME is the Sector which had been worst hit by the radical decisions you took- Demonetisation and GST (^-^)
— जय राठौड़ (@Politico_Jay) November 2, 2018
Copying Rahul Gandhis statements now? What a tragedy
— John_is_da_man (@john_is_da_man) November 2, 2018
Mehul Choksi mallaya & Nirav Modi got in 30 minutes with a condition not to pay back. This is called service by Indian Bank
— Aloo se Sona (@aloosesona) November 2, 2018
Just like BATA prices 99/- 199/- 499/-….🤣
— ಅಲೋಕ್ ಕಳಗಿ (@alokkalagi06) November 3, 2018
59 minutes nahi to Free
— akki rulz (@iamakaash) November 2, 2018
— Abdul Wajid (@abdulwajid1964) November 2, 2018
Janardhan poojary in new avataar and loan mela in new avataar.! Distributing depositors money and reimbursing through tax payers money when such loans turn bad are old tricks of politicians.
— PURUSHOTTAMA WAGLE (@71719356aad5486) November 2, 2018
It’s a eye wash. When you upload details asking for Rs 1200 processing charges. What’s guarantee loan will be sanctioned after paying 1200
— Aloo se Sona (@aloosesona) November 3, 2018
— Imran khan (@imkhan5csn) November 2, 2018