Nitin Gadkari calls for ratings system for MSMEs

Nitin Gadkari calls for ratings system for MSMEs

He said a simple and transparent methodology should be evolved to give ratings to MSMEs

Union Minister Nitin Gadkari. Credit: PTI Photo

MSME Minister Nitin Gadkari on Tuesday called for creation of a ratings system for the sector and a dashboard for effective monitoring of various schemes.

Addressing a webinar, he said a simple and transparent methodology should be evolved to give ratings to MSMEs (micro, small and medium enterprises) having good turnover and GST (Goods and Services Tax) records to enable them to get financing from banks and institutions.

The whole world now wants to invest in Indian industry and with an effective ratings system, MSMEs can get good investment from abroad, he added.

Gadkari also proposed setting up a dashboard for monitoring schemes to prevent delays in decision-making.

He asked SIDBI to take decisions within three months and provide support to the sector.

MSMEs contribute nearly 30 per cent to country's GDP and provide employment to more than 11 crore people -- second highest after the agriculture sector. 

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