Govt may announce universal enterprise IDs for small firms
Mint Mumbai|January 23, 2023
The Union government is working on a Universal Enterprise ID system to help strengthen the credit ratings of small enterprises that serve as the engines of the Indian economy, an internal document showed.
Ravi Dutta Mishra & Dilasha Seth
Govt may announce universal enterprise IDs for small firms

Under the proposal, which may be announced in the Union budget, a group of MSMEs will form a special purpose vehicle (SPV) to borrow from banks under a single transaction and on-lend to its members.

Also, credit rating agencies are expected to come up with new models to assess the creditworthiness of MSMEs.

The enterprise ID was first proposed by an expert committee on micro, small and medium enterprises (MSMEs) led by former Sebi chairman U.K. Sinha in 2019 to enhance credit availability to these entities. India has about 63.39 million MSMEs, according to the 73rd round of the National Sample Survey (NSS).

The government is also working to improve MSMEs' market access by developing a digital business match-making platform to showcase and integrate them with national and international supply chains, according to the document reviewed by Mint.

This story is from the January 23, 2023 edition of Mint Mumbai.

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This story is from the January 23, 2023 edition of Mint Mumbai.

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