New Delhi, Nov 3 (KNN) Federation of Small & Medium Industries (FOSMI) said in its press release that overall the announcement is considered to be a very proactive approach for the overall development of MSMEs and industries find that the all 12 policies announced were very much need based for MSMEs and we from FOSMI definitely welcome the measures announced by the Prime Minister.

The 59 minutes time for the sanction of loan upto 1 crore for GST registered MSMEs is definitely a very pragmatic measures to boost the fund flow of MSMEs together with reduction of interest on loan for new and incremental fund requirement clubbing with support to exporters are praise worthy, the release stated.

The announcement of GeM Portal will help the MSMEs to access in Government tenders   and boost in marketing their products in a big way, it will become a very useful portal for the market development of MSMEs.

We also appreciate the relief measure ensured to MSMEs in realizing their dues from large companies and use of relevant portal in this respect will be a big relief against delayed payment.

Indeed, the increase of share of MSMEs from 20% to 25 % in Government Tenders will help the MSMEs to increase their share of business in PSUs and the same time the earmarking of 3% reservation in tenders for women entrepreneur is very wise move to encourage women entrepreneurship.

Ease of formalities in obtaining Single Environmental clearance for Air and Water and self-certification in return will also a very bold step.

The encouragement for expansion of green and white category industries and announced subsidies will create space for the MSMEs to expand.

The investment and opening of Tool room will become a direct support to industries to cope up with the present requirement of industrial scenario.

We from the FOSMI welcome the measures announced today by the Prime Minister. However from FOSMI we also feel the concern about the proper implementation of the measures announced by the Prime Minister for the larger interest of the MSMEs.