Union MSME Minister Kalraj Mishra addressed a post-Budget press conference on March 08, 2016 in New Delhi and announced an all-time high budget of Rs. 200 crore for Performance and Credit Rating Scheme for financial year 2016-17.
The allocation would enable units to be ready for accessing credit.
To create awareness amongst Micro and Small Enterprises (MSMEs) about the strengths and weaknesses of their existing operations and to provide them an opportunity to enhance their organizational strengths, Performance and Credit Rating Scheme was formulated by National Small Industries Corporation (NSIC) in consultation with Credit Rating Agencies and Indian Banks’ Association and launched by the Finance as well as MSME Ministry.
Leading credit rating agencies like CARE, CRISIL, Dun & Bradstreet, FITCH, ICRA, ONICRA and SME Rating Agency of India Ltd (SMERA) conduct the rating of interested MSMEs under the scheme. The criterion of finalization is left up to the individual rating agencies.
The symbols and the definitions for indicating the risk score has been evolved on uniform basis for implementation by all rating agencies.