Highlighting the importance of medium, small and micro enterprises\u00a0(MSMEs), Prime Minister Narendra Modi today said that they are the identity of the Indian economy - whether it is sarees of Banaras\u00a0(Varanasi) or locks of Aligarh. "If agriculture is the backbone of the economy, MSMEs are giant steps taken to help the economy grow," the prime\u00a0minister said at the MSME Support and Outreach Program' in Delhi. He said that the government has taken 12 steps to revive the MSME sectors. "12 major decisions have been taken by central govt for MSME sector are proof that when after breaking silos, collective initiatives are taken, collective responsibilities are fulfilled, and collective decisions are taken," Modi said. Here's what PM Modi said: He said the first step taken by the government was to launch the 59-minute loan sanction portal, which will allow easy and quick credit up to Rs 1 lakh to small businesses. Also Read -\u00a0Loans up to Rs 1 crore to MSMEs in just 59 minutes: FM Jaitley launches credit portal; check key features here The prime minister said that the GST-registered MSMEs will get a 2% rebate on the\u00a0incremental loan of up to Rs 1 crore. The interest subvention on pre and post shipment credit for exports by MSMEs will be increased from 3% to 5%. It is now mandatory for companies with a turnover of more than Rs 500 crore to join Trade Receivables e- Discounting System (TReDS) so that MSMEs do not face trouble in cash flow, PM Modi said. Other steps announced by the government were ease in getting environmental clearances, streamlining of inspection and a Rs 6,000 crore package for technological upgradation among others Terming the decisions "historic", the prime minister said that they will make Diwali brighter for the MSME sector - millions of small entrepreneurs and employees. Modi also spoke on India's recent success on Ease of Doing Business ranking, saying that making it into the top 50 was not far away.