Gadkari calls for creation of ratings system for MSMEs

Union Minister Nitin Gadkari on Tuesday called for creation of ratings system for MSMEs and a dashboard for effective monitoring of schemes for the Micro, Small and Medium Enterprises.

Addressing a webinar by Chamber of Indian MSME, CIMSME, he said simple and transparent methodology should be evolved to give ratings to MSMEs having good turnover and GST records to enable them to get finances from the banks and institutions.

Gadkari, who is Minister for MSME and Road Transport and Highways, said the whole world now wants to invest in the Indian industry and MSMEs can get good investments from abroad with an effective rating system.

Gadkari proposed setting up of dashboard for monitoring schemes to prevent delays in decision making.

The minister asked SIDBI to take decisions within three months and provide support and said SMEs have an important role to play in achieving the Prime Minister's vision of Atamrbhar Bharat.

According to an official release, Gadkari said it is time to make the system transparent, time-bound, result and performance-oriented.

He emphasized working together in an integrated manner and not in silos.

Gadkari said new thinking, out of box ideas, new technology and research in agricultural, rural and tribal areas is very important for employment generation.

The Minister said MSMEs contribute nearly 30 per cent to the country's GDP and provide employment to more than 11 crore people which in terms of volume is second after the agricultural sector.

( With inputs from ANI )