On Monday, Union Minister of Micro, Small and Medium Enterprises, Nitin Gadkari stated that the Central government is planning to come up with a policy on credit ratings of the micro, small and medium enterprises to help the investors and other players take better and more informed decisions.
While speaking at the International Women’s Entrepreneurial Challenge Foundation – Organized by FICCI Ladies Organisation (FLO), the minister said, “We are going to start digital data-based credit rating system… we are going to make the rating of the industry… it can give information about the MSMEs. That can be more easy for taking any decision because rating is now very important. So, now we are formulating the policy and we are going to make some scheme for them and that will be very useful.”
He also stated that the MSME contributes around 49 per cent of India’s total export. Mr Gadkari also explained how the government is using innovations and technology to develop agricultural and tribal sectors. He gave examples of how oranges and honey are being used in different products which have resulted in boosting of the production and market value of these products.
He added that the plan is to integrate the rural industry backwards to develop the mechanism of the production, which would result in the creation of employment, which has the potential of creation 11 crore jobs. With the help of the German government, skill development and innovations are being carried out in the MSME industry to enhance Indian production and to take the products to the International market.
He also asserted that manufacturing in India would cost 25-40 per cent less relatively while ensuring the quality of which the international companies needs to take note of it for setting up their manufacturing bases. He has also asked the finance ministry to allot Rs 10,000 crore to the MSME ministry for buying equity in the MSMEs listed on the stock exchange.