New Delhi, Apr 15 (KNN) Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari has asked the industry to release payments due to micro, small and medium enterprises to help bring liquidity.

Gadkari was speaking to the senior members of industry body FICCI via video conferencing.

“MSMEs should be protected through this economic crisis,” he said.

Gadkari said that the MSME ministry is working to increase credit guarantees to the sector to Rs 5 lakh crore from the present level of about Rs 1 lakh crore wherein 75% of the advances granted by financial institutions are covered by the government’s Credit Guarantee Scheme.

Gadkari, who is also the Minister for road transport and highways, said that the National Highways Authority of India is also working on fast-tracking arbitration cases, which will help inject liquidity into the market.

“The ministry has a definitive plan to clear all legitimate claims more or less within three months,” Gadkari was quoted as saying in a government statement issued on Tuesday.