SIDBI & CRISIL sign an MoU to launch CriSidEx – India’s first MSME Sentiment index


By Vivek K Mob: 09920183006 Email:

Shri Mohammad Mustafa, Chairman and Managing Director, SIDBI and Ms Ashu Suyash, MD and CEO, CRISIL Ltd. At the CriSidEx MoU signing

SIDBI and CRISIL today signed a Memorandum of Understanding (MoU) to launch CriSidEx, India’s first Sentiment Index for Micro, Small and Medium Enterprises (MSME) that will indicate the current stateand expected outlook on the MSME sector every quarter. The Memorandum was signed by Ms Ashu Suyash, MD and CEO, CRISIL Ltd., and Shri Mohammad Mustafa, Chairman and Managing Director, SIDBI.

The Sentiment Index is expected to provide crucial insights into employment, business environment and foreign trade. Data on MSMEs comes with a significant lag, so there is no way to regularly aggregate and assess the ground situation amongst wide range of disparate enterprises spread across India.

Ms. Ashu Suyash mentioned, “Effective policy making is a function of the quality of information at hand and given the government’s agenda of ensuring inclusive growth, a leading indicator that reflects the business predicament and tidings of the MSME sector is crucial. CriSidEx is designed to do exactly that because it will gatherreal-time, ground-level information directly from the MSMEs.”

Every quarter, the CriSidEx survey will cover over 1,000 MSMEs using a structured questionnaire to ensure consistency in methodology and capture information sans significant deviations.The sample will have representation based onsize, geography and nature of business and across different legal entities.

Apart from the government and MSMEs themselves, the survey and CriSidEx will provide intelligence and insights for regulators, trade bodies, lenders as well as economic & financial analysts.

Importantly, CriSidEx will help in forecasting the business environment because it will capture sentiment on various business parameters such as thebusiness situation, capacity utilisation, order book andmargins. It will flag potential headwinds and changes in production cycles and thus help improving market efficiencies.

According to Shri Mustafa, “CriSidEx will allowstakeholders, especially policy makers, to take timely, evenproactive – steps, including those based on early warnings thrown up by the survey. Given the significance of the MSME sector to India’s economy, the survey and CriSidEX will help in various policy inputs in future.”

Additionally, by capturing the sentiment of exporters and importers, the survey will give actionable feedback on foreign trade, too.The CriSidEx survey will also cover lenders, including scheduled commercial banks, non-banking finance companies and co-operative banks.

The results of the survey and CriSidEx levels will be published soon after every quarter. The first of these will be published in January 2018. Over a period of time CriSidEx will become the benchmark for assessing activity levels and progress in the MSME sector.


Small Industries Development Bank of India (SIDBI), is the Principal Financial Institution for the Promotion, Financing and Development of the Micro, Small and Medium Enterprise (MSME) sector and for Co-ordination of the functions of the institutions engaged in similar activities.

The business domain of SIDBI consists of Micro, Small and Medium Enterprises (MSMEs), which contribute significantly to the national economy in terms of production, employment and exports.

SIDBI meets the financial and developmental needs of the MSME sector with a Credit+ approach to make it strong, vibrant and globally competitive.

For more information, visit

About CRISIL Limited

CRISIL is an agile and innovative, global analytics company driven by its mission of making markets function better.Our clients range from micro, small and medium companies to large corporates, investors, and top global financial institutions.

We are India’s foremost provider of ratings, data, research, analytics and solutions. A strong track record of growth, culture of innovation and global footprint sets us apart. We have delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers. CRISIL’s businesses operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

CRISIL is majority owned by S&P Global Inc., a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit



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