GJEPC trains MSMEs on credit ratings
The Gem and Jewellery Export Promotion Council held an online training session for micro, small, and medium enterprises to highlight the importance of credit ratings for the gem and jewellery industry.
On March 10, the GJEPC trained a group of MSME entrepreneurs on the importance of credit rating in order to enable them to advance in the jewellery industry in India and abroad. The online session, moderated by GJEPC MSME convenor Manish Jiwani, featured input by West Care Ratings director, Saikat Roy and group head of corporate ratings of Care Ratings, Hitesh Avachat.
The session covered the characteristics of credit rating, risk assessment framework including internal and external risks, the ratings process for bank loan ratings, and benefits of credit ratings to corporates. Benefits for businesses including a lower cost of borrowing, and fast loan processing were also discussed for sectors including jewellery manufacturing, wholesale and retail, and rough trading.
The jewellery sector has seen businesses struggle with acquiring loans due to numerous factors including the alleged Nirav Modi and Gitanjali Gems fraud at the Punjab National Bank and other fraud cases. Many jewellery businesses are also looking to recover from the pan-India lockdown last year and expand their retail channels online to adapt to the increased consumer focus on e-commerce in the wake of Covid-19.
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