Government urges private sector to clear MSME dues on priority
In a bid to ensure that the pending payment of the MSME sector is paid at the earliest, the Union Ministry of Micro, Small and Medium Enterprises
In a bid to ensure that the pending payment of the MSME sector is paid at the earliest, the Union Ministry of Micro, Small and Medium Enterprises (MSMEs) on Monday asked the private sector enterprises of the country to take measures for release of payment of MSME dues on priority.
During the announcement of AatmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 days. Accordingly, the Ministry of MSME took up the matter with Central Ministries, their Departments and Central Public Sector Enterprises (CPSEs).
In addition to writing and following up with them, the Ministry has also devised an online system for reporting. Hundreds of CPSEs have been reporting on this system about the monthly dues and payments for the last four months.
Around Rs 10,000 thousand crore have been reported to have been paid by the Ministries and CPSEs. Similarly, the Ministry has also taken up the issue with States and motivated them to monitor and see that such payments are made expeditiously.
Taking the efforts now further deeper, the Ministry has directly taken up the issue with top 500 corporate groups of the country. It has written e-letters to the owners, CMDs or top executives of these 500 corporates.
While appealing to Corporate India for their good gesture towards smaller units, Ministry of MSME has also reminded them of the legal provisions under the MSME Development Act, 2006 which mandate that the payment of MSME receivables are made within 45 days. Ministry has also said that this would be a great contribution to the economy of the Nation. Ministry also feels that these payments will bring a smile on millions of faces whose only source of livelihood is the enterprises in the MSME sector.