Govt keen on redefining NSIC's credit rating scheme

New Delhi, Oct 27 (UNI) The government is keen on redefining the Performance and Credit Rating Scheme of the National Small Industries Corporation (NSIC) to make it more relevant for micro and tiny units.

According to Mr Anupam Dasgupta, Secretary, Small Scale Industries, only 2,400 of the about 13 million micro, small and medium enterprises (MSMEs) have been rated by various credit rating agencies since the scheme was introduced in April last year.

Urging more micro and tiny units to come forward to take advantage of the scheme, Mr Dasgupta said, ''If necessary, we should redesign the scheme and introduce new elements in it,'' to make it useful for such units.

''The time is right as the next Five Year Plan is beginning next year,'' he told a gathering of representatives of banks and small enterprises last evening.

''Backed by independent surveys and cross-sections of community, it will be possible to introduce new dimensions in the scheme to help accelerate its coverage,'' he said.

The Secretary said the scheme can be successful if the industrial units see value in the advice given to them by the rating agencies.

''There is no reason why this scheme cannot overtake the Credit Guarantee Scheme,'' he said and added that the government would continue to work with the rating agencies to meet the set goals.

The scheme is operated through seven accredited rating agencies-- CARE, CRISIL, D&B, FITCH, ICRA, ONICRA and SMERA.

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