National Small Industries Corporation (NSIC) aims at providing credit rating to over 9,000 micro and small enterprises in 2010-11 with the help of leading agencies like SMERA, ICRA etc.
The rating of the company’s financial health helps them get access to credit quicker and cheaper. It also helps in enhancing their acceptability in the market. In last 6 months all the major rating agencies have seen a big up tick in their SME ratings business as the SMEs get more mature, rating adoption will go up manifold times
The MSME sector, which was hit-hard due to the recent global financial meltdown, contributes eight per cent to the country’s Gross Domestic Product, besides 45 per cent of manufactured output and 40 per cent of exports. The Ministry estimates that there are over 2.6 crores MSMEs units employing over 6 crore people in the country.
