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Employment & Entrepreneurship

Modi regime: Savior of Micro, Small & Medium Enterprises

by IRC-ADMIN - Feb 14 2019 1:47PM

Matching with the 21st century-industrial escalation in the global scenario was a myth in our country just before the NDA assumed office. Though the MSME sector has been running depending mostly on the long and short term loans from several institutions, the entrepreneur was running from pillar to post to have an application sanctioned. Modi Government’s portal brought dawn to these industrialists and a revolution ushered in, which, we can say, unleashed a ray of hope for these MSMEs and thus transformed the general lives through the industrial revolution and flourish of small trade in the country. Reports suggest that, since the inception of this portal in November, last year, to provide in—principle loan of up-to one crore of rupees from Nationalized Banks and SIDBI within the span of an hour only, 30 thousand crores of rupees are already dispensed to the lenders till the date.

Reserve Bank of India’s announcement of twenty-five basis rate cut and it’s transmission by the banks witnesses cheers for these entrepreneurs as well.

The first rate cut since August 2017 was seen when the central bank reduced it’s key policy rates by 0. 25 percent in its bi-monthly monetary policy.

Fiscal agencies maintain that over Rs. 23, 439 cr is sanctioned against 68 thousand repeat borrowers when 24 thousand new borrowers are extended with a staggering total amount of Rs. 64, 000 cr through this portal.

To add to the privileges in this portal, we can say that all the loan paper works are exercised in the portal itself, letting less human interference in the sanctioning process and rendering any chance for nepotism or inordinate delay in the sanctioning process to zero. Only the loan applicant is asked to upload the necessary documents as the income tax returns etc in this portal.

Trend exhibits the abundant opportunity on the part of the small businessmen and industrialists to widen their avenues. Production and sustainable livelihood areas in our country is surcharged by dint of the sheer dream and will power of our Pradhan Sevak i.e. Mr. Narendra Modi to accelerate our economy and reach the zenith. 


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