In “Diwali Gift” For Small Businesses, PM Modi Launches 59-Minute Loans

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PM Narendra Modi launched a support programme for MSMEs in New Delhi.

New Delhi:

Prime Minister Narendra Modi on Friday launched a 59-minute loan programme and other moves to help small businesses as part of the centre's "support and outreach initiative" for micro, small and medium enterprises (MSMEs) in New Delhi.

The programmes were unveiled as part of 12 new decisions to aid the sector which the PM said were like "Diwali gifts for MSMEs".

These included measures like increasing the share of small and medium industries in total government procurement from 20 to 25 per cent. He also announced a 2 per cent interest relief on loans up to Rs 1 crore for small businesses that file GST returns.

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"These 12 decisions are not just Diwali gifts for MSMEs but will also herald a new age and new chapter for small enterprises," PM Modi told a gathering at Delhi's Vigyan Bhawan.

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