Nitin Gadkari calls for creation of ratings system for MSMEs

New Delhi, Jun 29 (KNN) Union Minister for Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari has called for creation of ratings systems for MSMEs and Dashboard for effective monitoring of MSME schemes.

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

The Minister also said the whole world now wants to invest in Indian industry and with an effective rating system MSMEs can get good investment from abroad.

Gadkari proposed setting up a dashboard for monitoring schemes to prevent delays in decision making. He asked SIDBI to take decisions within three months and provide support.

''MSMEs have an important role to play in achieving the Prime Minister’s vision of Aatmanirbhar Bharat. It is time to make our system transparent, time bound, result oriented and performance oriented and help appropriate entrepreneurs with a good track record,'' he added.

He further emphasized on working together in an integrated manner and not in silos. He also added that 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.