New Delhi, April 28 (KNN) The Ministry of MSME has launched the renewed Zero Defect Zero Effect (ZED) Certification Scheme with an aim to make access to capital easier for the MSME sector.

MSMEs in the manufacturing segment will be the area of focus in the first phase and MSMEs in the services sector will the main focus in phase 2.

Present at the launch event, MSME Minister Narayan Rane underlined the contribution of MSMEs in India’s GDP (30 per cent) and the overall exports (50 per cent) of the country.

Explaining the features of the revised scheme, Director of Ministry of MSME, Vinamra Mishra said that concessions on parcel special trains, as well as get preferences from credit bureaus and banks will be given to MSMEs that have ZED certification.

Bringing ease to MSMEs in the lending process, banks will charge lower processing fee and some relaxation in the rate of lending to those MSMEs that have a ZED certification.

In view of eligibility criteria for certification under the scheme, the Ministry has cut number of parameters Gold category from 50 to 20.

For qualifying parameters MSMEs that have existing certifications for a criterion will also be considered valid. (KNN Bureau)