PM Modi Promises Rs 2 Crore Loans To Five Lakh First-Time Entrepreneurs
PM Modi stressed that the MSMEs need credit and guidance and suggested that industries should establish mentorship programs to support them.
Prime Minister Narendra Modi on Tuesday emphasised the need to develop innovative credit delivery modes, ensuring timely and affordable access to funds for over six crore Micro, Small and Medium Enterprises nationwide.
Addressing a post-Budget webinar for MSMEs, the Prime Minister announced that five lakh first-time women entrepreneurs, as well as those from Scheduled Castes and Scheduled Tribes, will be eligible for loans of up to Rs 2 crore.
"We need to develop new modes for credit delivery, ensuring MSMEs have access to low-cost and timely credit. Five lakh first-time women, SC, and ST entrepreneurs will be provided loans of up to Rs 2 crore," said the Prime Minister.
He stressed that the MSMEs need credit and guidance and suggested that industries should establish mentorship programs to support them.
The world is seeing an uncertain political environment and the entire world is looking at India as a 'growth centre', said the Prime Minister.
The Production-Linked Incentive scheme introduced for 14 sectors led to investment of over Rs 1.5 lakh crore and total production worth over Rs 13 lakh crore, he said.
"We have done away with over 40,000 compliances at the centre and state level, leading to improved ease of doing business," said Modi, highlighting the need to open new avenues of manufacturing and exports for the country.
"Today every country wants to strengthen its economic partnership with India. Our manufacturing sector must take advantage of this opportunity," said Modi.
(With inputs from PTI).
