Saturday, July 24, 2021

Central govt plans to develop rating system for MSMEs

Central government is planning to develop a system of financial ratings for upcoming micro, small and medium enterprises (MSMEs). Union Minister for MSMEs Nitin Gadkari said that this system of ratings will help banks to make better credit judgments for such borrowers.

The Union Minister was speaking at the launch of the Maharashtra chapter of Indian Bank’s business mentoring programme for MSMEs. Mr Gadkari informed that as per the draft plan, the system of ratings for MSMEs will depend on the annual turnover, goods and services tax (GST) records, income tax records, exports and the credentials of each company.

Mr Gadkari added that the Ministry of MSME is working to develop a portal as a single-point platform for all the services offered by the government for small businesses. The Minister also said that the Ministry of Road Transport and Highways expects the launch of flexible-fuel vehicles in India in the coming months and these, too, should offer financing opportunities for banks.

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