BJP president Amit Shah Friday 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".

In a statement, Shah described the initiatives announced by Prime Minister Narendra Modi as transformative.

Modi earlier Friday announced sanctioning of loans of up to Rs 1 crore in 59 minutes, relaxation in labour and company laws as well as easier compliance with environmental rules for small and medium enterprises to give a boost to the nation's second-biggest employing sector.

Announcing a slew of measures for the sector, he said GST-registered micro, small and medium enterprises (MSMEs) will be sanctioned a loan of Rs 1 crore in just 59 minutes through a new portal.

Shah said the MSMEs contribute 32 per cent of the GDP and creates over 11 crore jobs, claiming that no effective steps were taken for these enterprises since independence

and it is Modi's foresight which encouraged youngsters to become job-givers from job-seekers.

Citing the new measures, he said the government has also taken a big step to rid the sector of "inspector raaj"- a term used to describe arbitrary and corrupt practices of government officials.

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