The Union Minister for Micro, Small, and Medium Enterprises, Nitin Gadkari on June 29, 2021, called for the creation of rating systems for MSMEs as well as a dashboard for the effective monitoring of schemes for Micro, Small, and Medium Enterprises (MSMEs).
As per an official release, the Union Minister said that it is time to make the system transparent, result and performance-oriented, and time-bound. He also emphasized working together in an integrated manner and not in silos.
What will happen under rating systems for MSMEs?The Union Minister, while addressing a webinar by the Chamber of Indian MSME, CIMSME, said that a simple and transparent methodology must be evolved to give the ratings to MSME’s with good turnovers and GST records. It will further enable the MSMEs to get finances from the banks and the institutions. MSME Minister also proposed setting up of dashboard for monitoring the schemes to prevent delays in the decision making. Gadkari had asked SIDBI (Small Industries Development Bank of India) to take decisions within three months and provide support. |
Why the proposed rating system is significant?
According to the Minister of MSME and the Road Transport and Highway, the whole world now wants to invest in the Indian Industry and MSMEs can be the sector of good investments from foreign countries with an effective rating system.
He added that new thinking, out-of-box ideas, new technology, and research in the agricultural, tribal and rural areas are also extremely significant for the employment generation.
MSME’s contribution to India’s GDP:
The Minister for Micro, Small, and Medium Enterprises has informed that MSMEs contribute nearly 30 percent to the country’s Gross Domestic Product (GDP).
The sector also provides employment to more than 11 crore people, which in terms of volume is second after the agricultural sector.
He also highlighted the significant role of Small Medium Enterprises in achieving Prime Minister Modi’s vision of Atmanirbhar Bharat.
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