Earlier the risk of being declared NPA was much higher for new entrepreneurs: Kalraj Mishra

New Delhi, Nov 2 (KNN)  Apart from simplifying the registration process, which is now done free of cost on the basis of self-certification, new safeguards have also been introduced to help new entrepreneurs prevent the NPA tag, MSME Minister Kalraj Mishra has said.
 
Earlier, the process was complicated and the risk of being declared non-performing assets (NPA) was much high for new entrepreneurs if they failed to repay the bank loans partially within the stipulated time frame of three months, he added. 

While speaking to the media persons in Dehradun on Saturday Mishra said that Uttarakhand has considerable potential in the MSME sector and entrepreneurs of the state must come forward to utilise the new opportunities made available by the Centre to this sector. 

The Minister further said that renewed emphasis is being given on the MSME sector ever since the Modi government came in power.
 
We have made online registration process much simpler. New entrepreneurs don't have to run around government offices any more to register their industrial units, the minister said. 

"So they must come forward and make the most of the available opportunities," Mishra added. 

He said so far as many as 18,000 registrations have been done within a short span of one month through Udyog Aadhaar and also several norms have also been relaxed for revival and rehabilitation of the sick units and improving the performance of under-performing enterprises through a corrective action plan. 

Efforts are also being made for the effective implementation of collateral-free bank loans for entrepreneurs in the MSME sector. (KNN Bureau)