FM launches SME Rating Agency

Small and Medium Enterprises Rating Agency (SMERA), a dedicated agency for Small and Medium Enterprises (SMEs) in India, was launched by Union Finance Minister P Chidambaram today in Coimbatore.

According to an SMERA press release, SMEs contribute approximately 40 per cent of the country's domestic production and 45 per cent of India's industrial employment.

Despite their economic significance, SMEs face many bottlenecks like inability to access timely and adequate finance, insufficient credit information on SMEs and low market credibility.

Rating agencies like SMERA aim at addressing some of these concerns by providing comprehensive, transparent and reliable SME ratings, added the release.

SMERA has been set up by Small Industries Development Bank of India jointly with Dun & Bradstreet, Credit Information Bureau (India) Limited and some banks.