Prime Minister Emphasized Initiatives Taken around MSME Lending

Addressing the ‘Destination Uttarakhand: Investors Summit 2018' which kicked off on October 7, 2018, Prime Minister, Narendra Modi said, "The government has speeded up the process of sanctioning loans up to Rs 1 crore to Micro, Small and Medium Enterprises (MSMEs)."

On MSME sector, the PM said that in order to promote MSME several steps have been taken to empower them.

"More and more small industries are being taken into account on Higher Credit Support, Capital, Interest Subsidy, Lower Taxes and Innovations," he said.

Urging investors to “make in India not only for India but for the whole world." he said that India is the ideal investment destination in the world today with major social and economic changes transforming the country into a New India.

Addressing the gathering, Prime Minister said, “Every major institution in the world is predicting that in the coming decades, India is going to be the driving engine of world growth.”

The scale and speed at which reforms are happening are unprecedented, he added.

Highlighting the growth performance of India, Modi said that India has made a significant jump of 42 points in the global ‘ease of doing business’ index due to central and state government reforms.

With the efforts of government, fiscal deficit has been reduced and inflation has been brought under control.

Portals like Parivesh would result in faster clearance of investment proposals, Prime Minister added.

Talking about Uttarakhand, Modi said that the state has all the potential to become an organic state and work in this regard has been launched through cluster-based organic farming.

“Be it nature, adventure, culture, yoga or meditation, Uttarakhand tourism is a complete package and an ideal destination,” he added.

Describing Uttarakhand as a shining jewel in the crown of emerging new India, Modi extended an invitation to top industrial houses to invest in the state, which has taken huge strides in its development since its creation.

Leading industrial houses and top business leaders from across India and abroad participated in the two-day summit which will conclude on Monday i.e. October 8, 2018.