The Credit Rating and Information Services of India (CRISIL) hopes to rate about one lakh small and medium enterprises (SMEs) by the year 2015, reports IANS in a news story published in Ciol.com.
CRISIL has about 30,000 SME ratings to its credit till date. This announcement was recently made by Sachin Nigam, Director (SME Ratings).
"SMEs account for 90 percent of the employment in India and create around one million jobs annually. The sector accounts for eight percent of India's GDP and 45 percent of the country's exports," Nigam stated.
A major part of CRISIL’s INR 827 crore turnover in 2011 was from bank loan and SME ratings.
Nigam stated that there is a huge market potential for the seven rating agencies in India, considering that there are nearly 30 million micro, medium and small enterprises (MSMEs) in the country. "Till date, around 45,000 SMEs may have been rated," Nigam said.
Yogesh Dixit, Head (SME Ratings), CRISIL, stated that the agency plans to target SMEs located in Tier II and III cities for growth.
The National Small Industries Corp (NSIC) would reimburse 75 percent of the rating fee for SMEs.