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Prime Minister Narendra Modi on Wednesday came out in support of Micro, Small & Medium Enterprises (MSMEs) and vendors, asking big companies to make timely payments. “MSMEs suffer on account of delayed clearance of dues by large companies,” he said at the inauguration of the annual general meeting (AGM) of the Federation of Indian Chambers of Commerce and Industry (Ficci). The prime minister also assured people that their money as bank deposits was safe. “The government is working towards protecting interests and rights of depositors, but rumours being spread are totally opposite. Contribution of institutions like Ficci important to dispel such rumours,” he said. He was apparently referring to the raging controversy over a bail-in provision in the Financial Resolution and Deposit Insurance (FRDI) Bill, under which banks will be allowed to forfeit major portion of deposits of account holders in case of crisis at a financial institution. Counting achievements of the National Democratic Alliance (NDA) government under him, Modi said his government brought 87 major reforms in 21 key sectors of the Indian economy. "Ease of doing business rankings (of India) improved from 130th to 100th in just threee years," he said. Modi also hit out at the previous government, saying that non-performing assets (NPAs) are the biggest scam of the previous dispensation (the United Progressive Alliance governments), even bigger than the Commonwealth Games and 2G scams. “In the previous government, financial health of banks was risked to benefit a few industrialists,” the prime minister said. His government was working to establish a system which would not only be transparent, but also sensitive, and understand the needs of people.
Modi called on industry and political parties to meet the aspirations of people wanting India to get rid of corruption and black money. Here are the key takeaways of Prime Minister Narendra Modi’s address at the Ficci AGM: * Real estate sector: The Real Estate (Regulation and Development) Act (RERA) could have been in place earlier, but was avoided. We brought it in place to stop the monopoly of builders * MUDRA Scheme: Under the MUDRA scheme, over Rs 4 lakh crore in loans have been given without guarantees to about 975,000 youth for business * Jan Dhan Yojana: Through the Pradhan Mantri Jan Dhan Yojana, bank accounts have been opened for more than 300 million poor people in the country * Inflation: Inflation has fallen in areas where we have opened more bank accounts * Swachh Bharat: We have built more than 50 million toilets across India * Ujjwala Scheme: 30 million women have got free gas connections under the government’s Ujjwala Scheme * Startup India: India has got 30 million new entrepreneurs and startups are being encouraged * Small businesses: MSMEs suffer on account of delayed clearance of dues by large companies. Big companies should make timely payments to MSME vendors Watch the video of the PM's address at the 90th Ficci AGM here: