MSMEs will get 'digital data based credit ratings', says Nitin Gadkari

New Delhi, Nov 26 (KNN) In a bid to help entrepreneurs get bank loans on the basis of credit ratings, the Ministry of Micro Small and Medium Enterprises (MSMEs) is in the process of launching ‘Digital data based credit ratings’, said Union Minister Nitin Gadkari.

While speaking at a conference on ‘Opportunities for MSME in Agriculture & Food processing’ at Agrovision, Gadkari pitched for setting up more small scale businesses in rural areas and assured all support from MSME ministry.

He further said that timely payment of taxes and loans will ensure good credit ratings and the concerned MSME will get digital data based credit ratings.

Later, 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.

The MSME sector, which is facing liquidity shortage contributes 29 per cent into the country's Gross Domestic Product (GDP) and the government wants to take it to 50 per cent, while in exports the later wants to take it to the 60 per cent from existing 49 per cent.

Gadkari has also informed that centre wants to add another 5 crore jobs in the present 11 crore in next five years.

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