In a quest to improve the ease of doing business for small-scale sector, Prime Minister Narendra Modi has announced big-bang reforms. Among them, a loan window is the most important one.

"Access to credit is a major challenge for the MSME sector. In order to mitigate this challenge, delighted to share that through a portal, a loan upto Rs. 1 crore would be available in 59 minutes…yes, 59 minutes! Let there be no limitations for India’s entrepreneurial energy!" Modi said at a meet.

GST-registered MSMEs will also get interest-related benefits. MSMEs committing minor offences will be let off. This will end the Inspector Raj.

Chief Ministers like Vijay Rawat and Devendra Fadnavis welcomed the move. "Thank you Hon PM @narendramodi ji for launching various support and outreach initiatives for MSMEs, which include 59 min loan portal, which will provide loans upto Rs. 1 crore in just 59 minutes and that too with upto 3 to 5% concession on interest rates," the Maharashtra CM said.