Union Finance Minister Nirmala Seetharaman has reviewed the payment situation to the MSMEs and expressed satisfaction. She also appreciated the excellent work done by the Ministry of MSME. The Atma Nirbhar Bharat package in May 2020 stated that MSMEs dues has to be paid in 45 days. Since then FM is doing regular followup on the payment dues with high focus on Central Public Sector Enterprises (CPSEs) and the Central Government Agencies.
In the past 7 months, over Rs 21000 crore of MSME dues have been paid by the Central Govt Agencies and CPSEs. The month October has seen highest procurement of over Rs 5100 crore and payment of over Rs 4100 crore was also made. In accordance with the November month first 10 days report, the October month performance is expected to be surpassed as Procurement of about Rs 4700 crore and payment of about Rs 4000 crore have already been reported.
The above table provides clear data about the procurement and payment dues. The seven month reports indicates, Procurement by Central Government Agencies and CPSEs from MSMEs is on the rise and in fact, it has gone up by almost 2.5 times since May 2020, Payments to MSMEs have also gone up in multiple times, The Pending payment has gone down in terms of percentage against procurement value, October reported maximum transactions. MSME Ministry had put forth a request to the Corporate sector to help the MSMEs during the festival season as the earning during these festivals would sustain many MSMEs for the whole year. This support has also helped many MSMEs and Village Industries to do better business than even the previous year.
One Nation One Ration Card reform implemented by Nine states, Finance Ministry
Big achievement for finance minister, Nirmala Sitharaman in Forbes list of 100 most powerful women
Finance Minister Sitharaman orders strict action for economic criminals