Nitin Gadkari, Minister of Micro, Small and Medium Enterprises, Government of India, said that the MSME ministry will raise GST related issues faced by the small and medium enterprises with the Finance Minister to provide some relief to the sector. Speaking at 'MSME Ecosystem' summit, organized by FICCI on the theme - 'Connecting Dots & Bridging Gaps', Gadkari noted that some problems exist even after the introduction of GST.
Gadkari highlighted that the government is also planning to introduce a credit rating system for the MSMEs which will help them to raise funds through capital market. The government is planning for a digital database credit rating so that the industry members with good credit ratings can easily go to the capital markets. He also urged the industry to focus in rural and tribal areas for expansion and reducing the cost of production. These areas have both land and manpower available at much lower cost as compared to the urban areas, he added.
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