Digital credit rating for MSMEs soon

The government will buy 10% of the bonds issued by the Ministry of Micro, Small and Medium Enterprises (MSMEs) to support the enterprises in tapping the capital market.

Announcing this on 11 Nov 2019, MSME Minister Nitin Gadkari said that the MSME is an important sector which is directly related to the growth of the country.

“MSMEs account for 49% of the exports from the country. We are planning new schemes to support the MSMEs that have good potential for exports. If they raise bond issue in the capital market, 10% will be purchased by the government,” he said at the ’12th IWEC Awards & Conference – Connecting Women Businesses Globally: Leading the Way to Innovation and Integration’, which was organized by FICCI Ladies Organization (FLO)

Replying to queries from several foreign women entrepreneurs with interest in setting-up businesses in India, Gadkari suggested that having an Indian partner would help navigate the regulations in the country and benefit from various government schemes and incentives present in different sectors.

“We are going to start digital data-based credit rating system (MSMEs). You can get the rating of an industry from anywhere. It will help you in taking decisions,” he said, adding that India has huge potential both in rural areas and big cities, and the government will extend all support to those wanting to start manufacturing here.

Gadkari further highlighted that the government, in association with FICCI FLO, will publish success stories of 100 women entrepreneurs from different sectors soon. “We will also make a website to host these success stories. The website, too, will give good idea for your decisions,” he added.

The government should create more opportunities for women entrepreneurs, urged Harjinder Kaur Talwar, FLO President and Global Ambassador, International Women’s Entrepreneurial Challenge (IWEC) Foundation. fiinews.com