PM Narendra Modi’s Diwali Gift: MSME Loan in 59 Minutes and Everything You Need to Know

Prime Minister Narendra Modi decided to give Indians and the MSME sector in particular an early Diwali gift. In what seems like a bid to provide a push to his ambitious Make in India campaign, PM Modi announced a slew of initiatives like MSME loan in 59 minutes and much more.

The initiative that grabbed eye balls and is being talked about is the MSME loan in 59 minutes and the fact that it gets a dedicated website that is already live. “You will be able get a loan of Rs 1 crore in the time it takes you to reach office in the morning,” said PM Narendra Modi.

This initiative is expected to benefit nearly 72,000 MSMEs (Micro, Small and Medium Enterprises) and a live board was displayed wherein the number of MSMEs that received the loan or whose loans were being renewed was stated on a real-time basis. “I kept it loan in 59 minutes on purpose, for it doesn’t take long for 1 hour to become 2 hours and so on,” added PM Modi.

There are six simple steps for MSMEs to apply for the loan according to the psbloansin59minutes.com, which are submit GST identification number, income tax returns in XML format, bank statement for last six months in pdf format, director/owners details: basic, personal, educational and ownership details, and inprinciple approval in 59 minutes. GST registered MSMEs that submit returns on the GST portal will be asked if they need a loan, said the prime minister.

Also, the GeM portal that was launched two year ago now has over 1.5 lakh suppliers and 40,000 MSMEs have dealt with 9 lakh orders that have led to a business of Rs 14,000 crores, said Mr Narendra Modi. GeM has further been strengthened by making it mandatory for CPSEs (Central Public Sector Enterprises) to be onboard the website. “Today’s era is all about computerization, technology, ecommerce and online marketing. MSMEs will benefit only if they adapt with these changes,” said Mr Modi.

Furthermore, to save MSMEs from unwanted inspections, a random allotment that is completely computerized will decide where an inspector needs to go for inspection. Also, details of inspections need to be updated on the portal within 48 hours. Inspectors will be made answerable for their inspections, said the prime minister.

Environmental Clearance certifications and content to establish will also be made simple for MSMEs. Now, only one consent is required, said Mr Narendra Modi. There also won’t be routine inspections from environmental departments added Mr Modi.