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Jocata unveils “Sumpoorn” a MSME economic activity index with SIDBI

By Gloria Mathias

November 14, 2023

  • Economic
  • enterprises
  • Finance news

Jocata, MSME, Micro, Small, Medium, Enterprises, India, SIDBI, Fintech, Index, Economic, Sumpoorn, Fintech News, Fintech India, Jocata, India’s digital lending transformation partner, has collaborated with SIDBI, the principal financial institution for MSME development, to launch the MSME Economic Activity Index, Sumpoorn.

The index, ‘Jocata Sumpoorn’ built on consent-based GST sales data, represents a step forward in the evolution of Indian MSMEs.

Jocata Sumpoorn aims to bridge the gap and allows for a deeper interpretation of the changes in MSME sales activity. It is a relative amplitude-adjusted composite diffusion index developed using consent-led and anonymized monthly sales data reflected in official GSTN returns of more than 50,000 credit-seeking MSMEs over time.

Sivasubramanian Ramann, Chairman & Managing Director at SIDBI said, “We at SIDBI have been constantly engaged for the development of the sector and have been partnering with institutions to bridge the information asymmetry to enable informed decision-making by stakeholders. It is in this spirit we have created ‘Sumpoorn’ with Jocata, that carries an index measuring economic activity of the MSMEs leveraging the GST data. The underlying authentic data of GST provides credibility to the Index. With time, the same can be expanded to include more dimensions. I hope the Index shall be of value to the readers and provide a rich perspective on the prevalent trends of the MSME sector.”

Prashant Muddu, Managing Director & CEO at Jocata said, “We are incredibly excited to launch Jocata Sumpoorn in association with SIDBI, and bring to life our shared vision of inclusion & development of MSMEs, the lifeblood of the Indian economy. Jocata Sumpoorn is a fact-based measure of MSME sales performance representative of the latest economic activity. We believe it will address the MSME knowledge gap and empower financial institutions, policymakers, economists, and researchers to strategize credit flow and create tailored policies for the sustainable growth of MSMEs across the country. To provide in-depth and granular MSME insights, we are further developing sub-indices that will identify growth opportunities, provide early warning signals, and channelize capital allocation to different sectors (as classified under GST by HSN) and clusters across geographies.”

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