Minister for MSME and Road Transport and Highways Nitin Gadkari has called for the creation of a rating system for MSMEs and a Dashboard for effective monitoring of MSME schemes.
Addressing a webinar by the Chamber of Indian MSME, CIMSME, he said a 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 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 of dashboard for monitoring schemes to prevent delays in decision making. He asked SIDBI to take decisions within three months and provide support.
The Minister said MSMEs have an important role to play in achieving the Prime Minister’s vision of Atamanirbhar Bharat. Gadkari said it is time to make our system transparent, time-bound, result-oriented, and performance-oriented and help appropriate entrepreneurs with good track records. He emphasized working together in an integrated manner and not in silos.
Gadkari said 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 percent 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.