FM lauds concerted efforts resulting in higher procurement and payment of over Rs 21000 crore to MSMEs upto November



Quick Summary
The Indian government's focused initiatives to support Micro, Small, and Medium Enterprises (MSMEs) are yielding significant results. Since May 2020, concerted efforts, particularly by the Ministry of MSME and Central Public Sector Enterprises (CPSEs), have led to over £21,000 crore in payments to MSMEs. Procurement and payments have seen a substantial increase, with October 2020 marking a peak. This support is crucial for MSMEs, especially during festival seasons, helping many achieve better business than the previous year.

Governments aggressiveness for economic betterment of MSMEs shows result Procurement from and payment to MSMEs on the rise MSME sector on the upswing Union Minister of Finance Smt Nirmala Sitharaman reviewed the situation about payment to the MSMEs and expressed satisfaction and appreciation on
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FAQ :

Since May 2020, over £21,000 crore has been paid to MSMEs by Central Government Agencies and CPSEs.

The Ministry of MSME, with support from the Prime Minister's Office (PMO) and the Cabinet Secretary, is leading these efforts.

As part of the Atma Nirbhar Bharat package announced in May 2020, the government stated that MSME dues should be paid within 45 days.

Procurement by Central Government Agencies and CPSEs from MSMEs has risen significantly, almost 2.5 times since May 2020.

October 2020 recorded the highest procurement at over £5,100 crore and payments of over £4,100 crore.

Yes, an online reporting system has been developed by the Ministry of MSME for CPSEs and Government of India Ministries to report transaction and payment details.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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