Speaking at an event to launch the scheme, MSME Minister Narayan Rane said: “MSMEs contribute 30% to India’s gross domestic product and 50% to this country’s exports. “.
Elaborating the outlines of the new scheme, Vinamra Mishra, Director of the Ministry of Micro, Small and Medium Enterprises, said: “MSMEs that have ZED certification will be eligible to obtain concessions on special parcel trains, as well as preferences from credit bureaus and banks.”
“Banks have offered to reduce processing fees and ease the lending rate to MSMEs who have ZED certification. There will also be support in risk assessment of these certified MSMEs,” he said. added.
The Ministry of MSMEs has also reworked the eligibility criteria for certification under the scheme. The number of parameters required for a ZED Gold category certificate has been reduced from 50 to 20. MSMEs who have existing certifications for one criterion will also be considered valid for the qualifying parameters.
As of November last year, 23,948 MSMEs had registered with the intention of adopting the principle of the ZED programme. This program is part of a campaign to educate MSMEs on Zero Defects Zero Effect (ZED) practices and to motivate and incentivize them to achieve ZED certification while encouraging them to become MSME champions.