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MSMEs to lead Indian economy's consolidation phase: Jaitley
Feb '18
Indian finance minister Arun Jaitley has termed the micro, small and medium enterprises (MSME) sector the economy’s backbone that would lead the current phase of consolidation after a series of major structural reforms. The sector’s health is vital, he said after launching CriSidEx, the first sentiment index for micro and small enterprises (MSEs).

One of the largest employers, the MSME sector is witnessing an increased integration into the formal economy and in a country with a vast population, the scope for employment either in government or in the large industry has a limited potential, Jaitley said.

Developed jointly by CRISIL and SIDBI, CriSidEx is a composite index based on a diffusion index of 8 parameters, and measures MSE business sentiment on a scale of 0 (extremely negative) to 200 (extremely positive).

Jaitley said this index will be of some use to companies but of much greater use for policymakers for making necessary changes, according to a news agency report.

The launch of the index is timely as the government has really enabled MSME in terms of credit needs and taxation relief in the last few months, financial services secretary Rajiv Kumar said.

The index would be an accurate barometer of trends on ground as not much statistics emanates now from MSE geographies, SIDBI chairman and managing director Mohammad Mustafa said. (DS)

Fibre2Fashion News Desk – India

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