Centre to introduce rating system for SMEs for easy loans
Centre is considering a proposal to introduce a rating system for small and medium enterprises (SME) to help them get credit easily. The announcement in this regard was Union Minister for Road Transport and Highways (MoRTH) Nitin Gadkari while addressing women entrepreneurs in Chennai.
Key Highlights
Need: The Central government is making all efforts to reduce finance costs and power price to SME industry so as to help them tackle the prevailing sense of gloomy industrial scenario. This dull industrial scenario is due to the business cycle, demand and supply issues and a global downtrend.
Steps Taken: With the Central Government fixing a target of generating 5 crore more jobs in MSME sector in the next 5 year, the Centre is in the process of introducing a national portal for Micro, Small and Medium Enterprises (MSMEs) to market their products easily.
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Month: Current Affairs - September, 2019