Gadkari calls for creating a ratings system for Indian MSMEs

Union Minister for micro, small and medium enterprises (MSMEs) 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 having a good turnover and Goods and Services Tax records to enable them to get financing from banks and institutions.

"The whole world now wants to invest in the 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 Small Industries Development Bank of India to take decisions within three months and provide support to the sector.

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On the occasion of International MSME Day on June 27, the Minister for Micro, Small, and Medium Enterprises (MSMEs), Nitin Gadkari, emphasised that all-around efforts are required for the implementation of various initiatives undertaken as part of Aatmanirbhar Bharat. 

Addressing a virtual conference on Indian MSMEs as Growth Engines to Economy, Gadkari mentioned that in the journey towards an Aatmanirbhar Bharat, it is imperative that special focus is laid towards agriculture, food processing industry, leather and tribal industries. He also urged the use of technology and mentioned that research, innovation, and quality improvement can play a major role in industrial development.

Indian MSMEs contributes about 30 percent to the country's GDP and 48 percent to exports. It also contributes significantly to employment generation, second to only agriculture.

This sector which forms the backbone of the Indian economy continues to struggle and stay afloat while recuperating from the impact of the two deadly waves of the COVID-19 pandemic.