The Union Minister of Micro, Small and Medium Enterprises (MSMEs) Nitin Gadkari has said that the government is working to create an independent rating system for the MSMEs which will help good MSMEs to get foreign funds.

While addressing Renewable Energy Manufacturing Conference, organised by industry body CII in association with the Ministry of New and Renewable Energy (MNRE) on Thursday through video conferencing, Gadkari said, "MSMEs need to be able to compete in a fair and equal environment. They will be supported through technology upgradation. INR 50000 cr, has been set aside for MSMEs to raise capital from the market".

"Government is working to create an independent rating system for the MSMEs. By virtue of this, the good MSMEs can also get secure foreign funding. India is a secure destination provided we have secure projects", Gadkari added.

The Minister further asked industry, trade and Business to join hands with the government to rescue COVID-hit economy.

"Presently our economy is facing lots of challenges. Government is positive and supportive and at the same time as a facilitator, we are keenly taking lots of decisions regarding how we can be helpful in promoting industry, trade and business... This is the time we need cooperation from all stakeholders", MSME Minister said.

Gadkari also said that the banks, financial institutions, MSMEs, industries, agriculture, infrastructure, everywhere we need to plan and with an appropriate vision we need to move fast,  adding "there was liquidity crunch in the economy and the need of the hour was to create demand through PPP projects".

He also spoke of reduction of transportation and logistics costs through ease of transportation - access-controlled highways to reduce time of transportation and industrial clusters to reduce logistic costs.

"The government's prerogative would be to plan and support logistic parks beyond metro cities. This would reduce cost as well as reduce the problem of pollution that continues to choke India's metro cities", he stated.

In terms of imports, he sought the industry's support in understanding how duties can be revised and levied on a case to case basis to curb imports to support the local industry and also look at identifying viable projects.