Latest reforms providing a boost to MSME sector: PM
New Delhi, July 9 (KNN) Lauding the latest reforms which are adopted by the centre to provide cash-aid to COVID hit Micro, Small and Medium Enterprises (MSMEs), the Prime Minister Narendra Modi on Thursday said that these reforms are providing a boost to the sector.
The Prime Minister also asserted that they would be also complimenting the big industry and the country is equally focused on its economy and its health system in these trying times due to the coronavirus pandemic.
He said this while addressing the inaugural session of India Global week via video-conference here.
Modi further said that in these times, it is natural to talk about revival and it is equally natural to link global revival and India. He also reiterated the steps taken by the government so far to revive the Indian economy.
The Prime Minister also listed the gains made during the last six years such as: total financial inclusion, record housing and infra construction, Ease of Doing Business, bold tax reforms including the GST.
PM said that the green-shoots of economic recovery could already be seen as owing to the indomitable Indian spirit.
As per the official statement from PIB, Modi asserted that India is one of the most open economies in the World and is inviting all the Multinational Companies to set up their business in India. He described India as a land of many possibilities and opportunities.
He also described the various reforms initiated in the Agriculture Sector and said that it provides a very attractive investment opportunity for the global industry.
Lauding the Pharma industry, Modi said, ''the pandemic has once again shown that India's Pharma industry is an asset not just for India but for the entire world. It has played a leading role in reducing the cost of medicines especially for developing countries.''
''Atma Nirbhar Bharat is not about being self-contained or being closed to the world but about being self-sustaining and self-generating,'' he added.
This is an India that is reforming, performing and transforming. This is an India that offers new economic opportunities. This is an India that is adopting a human-centric and inclusive approach to development. India awaits you all, he said.
Amid COVID-19 pandemic, the Modi led centre government has taken several measures to give relief to MSMEs in the country and one of them is providing collateral free loan under credit guarantee scheme.
Under this scheme, 100 per cent guarantee coverage will be provided by National Credit Guarantee Trustee Company (NCGTC) for additional funding of up to Rs 3 lakh crore to eligible MSMEs and interested Micro Units Development and Refinance Agency (MUDRA) borrowers in the form of a guaranteed emergency credit line (GECL) facility.
The government will also provide a corpus of Rs 41,600 crore for the scheme over the current and coming three financial years.