Government committed to pursue credit rating scheme

NEW DELHI: The Performance and Credit Rating Scheme for small industrial units launched by the Government in May 2005 has started showing results. This was stated in a message to the Seminar on “NSIC’s Performance & Credit Rating Scheme Achievements & the Road Ahead” by Mahabir Prasad, Union Minister for Small Scale Industries and Agro & Rural Industries.

"NSIC was appointed a nodal agency to implement the Performance and Credit Rating Scheme for Micro, Small & Medium Enterprises (MSMEs) throughout the country. Seven renowned Rating Agencies formed the panel through which the scheme was being implemented, he said.

The Minister further stated that MSMEs welcomed the scheme and were reaping the benefits of the Scheme.

In his inaugural address, Anupam Das Gupta, secretary, Small Scale Industries and Agro & Rural Industries, said that so far 2,400 MSMEs were rated by various Credit Rating Agencies.

He said that there was no scope for self-complacency as there were as many as one crore and thirty lakh MSMEs in the country and urged that more and more micro and tiny units should come forward for rating. If need be, we should redesign the scheme and introduce new elements in it.

Calling it a ‘Visionary Scheme’, Dasgupta politely declined to take the credit of it and said the Government was committed to vigorously pursue it.

Speaking on the occassion, H P Kumar, CMD, NSIC said "67% of the rated small enterprises had informed the banks about their rating status. 63% rated units had availed credit in 2005-06. 17% of the total respondents revealed that the rating helped them in negotiating for a cheaper interest rates from the banks."

© CIOL Bureau