New Delhi: Prime Minister Narendra Modi on Friday announced a list of measures for the Micro, Small and Medium Enterprises (MSME) sector including a Rs 6,000 crore package for setting up MSME hubs and 59-minute loan sanctions up to Rs 1 crore with 2 per cent interest through a special portal. Speaking at the launch of the MSME Support and Outreach Programme, PM Modi made 12 major announcements that, he said, were to support the MSMEs, including women entrepreneurs. Also Read - PM Modi Biggest 'Dangaabaaz' of India, Worse Fate Than Trump Awaits Him, Says Mamata Banerjee

“To ease access to credit for the MSME sector, it has been decided to launch a portal that will permit completing formalities for grant or loan of up to Rs 1 crore in 59 minutes,” he said, adding that the “interest subvention on pre- and post-shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent.” Also Read - Motera— World's Biggest Cricket Ground—Renamed as Narendra Modi Stadium

Assuring freedom from harassment by government officials such as in terms of inspections, getting clearances for businesses or minor violations, PM Modi said that inspections of the companies by inspectors will now be sanctioned only through a computerised random allotment and that an entrepreneur would no longer have to approach the court for minor violations as the government had issued an ordinance to that effect. Also Read - Bengal Has Made Up Its Mind For 'Poriborton', Says PM Modi at Hooghly Rally | Top Quotes

He further said that the inspectors will have to upload reports on the portal within 48 hours. “No inspector can now go anywhere. He will be asked why he went to a factory,” he said. (Also Read: India Was at 142nd Position in Ease of Doing Business Ranking During UPA Regime, Says PM Modi)

Terming the 12 decisions as “historic”, Narendra Modi said that apart from giving a boost to the small and medium enterprises, they (the slew of measures) will make this Diwali brighter for the sector and millions of entrepreneurs and employees. To prop up the sector that has been reeling under the impact of demonetisation and the new tax regime, Modi said he would personally monitor the implementation of this support and outreach programme in 100 districts over the next 100 days.

Also, all central public sector enterprises will have to take membership of the Government e-Marketplace (GeM) to facilitate online procurement of common use goods and services by various government departments and organisations. PM also announced that it is now mandatory that all the companies with a turnover of more than Rs 500 crore will have to join Trade Receivables e- Discounting System (TReDS) platform.

Terming the initiative as “transforming”, Bharatiya Janata Party (BJP) president Amit Shah expressed confidence that the measures taken by the Union government to boost the micro, small and medium enterprises sector will write a “new chapter of development and progress”.