Sunday, May 28th, 2023

Sitharaman asks companies to clear MSME dues within 45 days, action will be taken if orders are not followed

Photo:PTI Sitharaman asks companies to clear MSME dues within 45 days

Union Finance Minister Nirmala Sitharaman has asked private sector companies to clear the dues of micro, small and medium enterprises (MSMEs) within 45 days. He recognized that the departments and undertakings of the Central Government also MSME Dues are not paid on time. Sitharaman said on Friday that the central, state governments and public sector enterprises also owe the MSME sector.

Finance Minister appealed to big businessmen

Two days ago, he had met big businessmen, whom he appealed to ensure that dues of small businesses, which are called the backbone of the economy, are cleared on time. Speaking at an event organized by Laghu Udyog Bharti, Sitharaman said, “Private sector and industry should resolve to pay within 45 days and file a book of accounts with the Registrar of Companies, so that it can state the dues.” The private sector should also come forward.

Central government will take steps

He further said that even the central departments and undertakings are not making timely payments to MSMEs. The central government will also take steps to address the issue and ensure that its departments and PSUs make payments to small businesses within 90 days. He also appealed to the state governments to clear the dues on time. The Finance Minister said that the government’s schemes such as TRADE (trade receivables concession system) platform and Samadhan portal are helpful in getting timely payments to small businesses. He urged the MSME sector to adopt technology and impart skill training for effective production.

Understand the needs of industries

Sitharaman said at the 10th convocation of this educational institution adjoining Chennai, “We have to understand what is the need of industries and they should be capable of manufacturing for us and for the world. That is why it is very important to have industry people on the governing boards of such excellent educational institutions who attract talent, bring in the best of skills and abilities and who have considerable training experience, it is very important.

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