₹21,000 crore of dues paid to MSMEs

#GS3 #ECONOMY

More than ₹21,000 crore of dues owed to micro, small and medium enterprises’ (MSMEs) by Central government departments and public sector enterprises have been paid in the past seven months.

  • Under the Atmanirbhar Bharat package announced in May this year, the government had said that MSMEs’ dues would be paid in 45 days. 
  • Finance Ministry appreciated the work of Ministry of MSMEs, that led to the release of payments, through regular follow-ups with the concerned departments and public sector firms.
  • The highest level of procurement from MSMEs was achieved in October of over ₹5,100 crore and payment of over ₹4,100 crore, adding this was expected to be surpassed in November which recorded ₹4,700 crore of procurement in the first ten days.

A report on the first seven months of the initiative suggested public procurement from MSMEs rose by almost 2.5 times since May while pendency of payments had reduced.

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