New Delhi: Nitin Gadkari, Minister of Micro, Small and Medium Enterprises, on Monday said that the government will buy 10% of the bonds issued by the MSMEs to support them in tapping the capital market.
"MSMEs account for 49% of the exports from the country. We are planning new schemes to support the MSMEs that have good potential for exports. If they raise bond issue in the capital market, 10% will be purchased by the government," he said.
Gadkari further suggested that having an Indian partner would help navigate the regulations in the country and benefit from various government schemes and incentives present in different sectors.
"We are going to start digital data-based credit rating system (MSMEs). You can get the rating of an industry from anywhere. It will help you in taking decisions," he said, adding that India has huge potential both in rural areas and big cities, and the government will extend all support to those wanting to start manufacturing here.
This story has been published from a wire agency feed without modifications to the text.