The government is in the process of launching ‘Digital data based credit ratings’ of Micro, Small and Medium Enterprises (MSME), to help entrepreneurs to get bank loans on the basis of these credit ratings, Union Minister Nitin Gadkari said. While speaking at a conference on ‘Opportunities for MSME in Agriculture & Food processing’ at Agrovision, Gadkari emphasized on building credibility by MSME’s bytimely payment of loans and pitched for setting up more small scale businesses in rural areas.
The Minister assured all support from MSME ministry. Timely payment of taxes and loans will ensure good credit ratings and the concerned MSME will get digital data based credit ratings, he said. The MSME sector, which is facing liquidity shortage is contributed 49 percent of India’s total exports.
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The Minister also informed about starting a permanent institute in Vidarbha in Maharashtra, which will give guidance and training to the farmers throughout the year under Agrovision foundation. Gadkari said that UPL chairman Rajju Shroff has assured equal amount of funds as by the foundation from him for the institute.
via Government formulating policy on credit ratings for MSMEs, says Nitin Gadkari – The Financial Express