New Delhi, March 4: Prime Minister Narendra Modi on Tuesday emphasized the need to develop new methods for loan distribution to ensure timely and low-cost credit access for over six crore micro, small, and medium enterprises across India. Addressing a post-budget webinar focused on the MSME sector, he announced a special initiative under which first-time women entrepreneurs, as well as those from scheduled castes and scheduled tribes, would be provided loans of up to Rs. 2 crore.
As per agency report, the Prime Minister stressed that enhancing credit accessibility for MSMEs is crucial for India's economic growth, as they play a vital role in employment generation and industrial development. He highlighted the necessity of creating financial mechanisms that facilitate hassle-free and cost-effective loans, enabling MSMEs to expand and contribute to the economy more effectively.
During his address, Modi also spoke about India’s rising global stature as a hub of economic growth amid an uncertain political landscape worldwide. He pointed out that the Production Linked Incentive scheme, launched across fourteen key sectors, has already attracted over Rs. 1.5 lakh crore in investments and generated total production worth Rs. 13 lakh crore. The scheme, he noted, has been instrumental in boosting domestic manufacturing and enhancing India’s global competitiveness.
Highlighting the government’s efforts to improve the ease of doing business, the Prime Minister stated that more than forty thousand compliance requirements have been eliminated at the central and state levels to streamline regulatory processes for businesses. He further urged industries to capitalize on India’s growing global economic partnerships, as countries worldwide are keen to strengthen their economic ties with India.
Modi reiterated the importance of expanding manufacturing and export opportunities, calling upon Indian businesses to seize the current momentum. With India emerging as a key player in the global economy, he emphasized that the country's manufacturing sector must leverage this opportunity to drive further industrial and economic progress.
