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Govt assures 95% forfeited amount to MSMEs in case of failure during covid

Updated: Feb 01, 2023 06:28:00am
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Govt assures 95% forfeited amount to MSMEs in case of failure during covid

New Delhi, Feb 1 (KNN) In event of contract failure during covid-19 by Micro, Small and Medium Enterprises (MSMEs), the government will return 95 per cent of forfeited amount to the enterprises.

This was announced by the Union Finance Minister Nirmala Sitharaman on Wednesday as part of the union budget speech.

For settling contractual dispute, a voluntary settlement scheme will be used.

She further announced that scope of services in digital locker will be expanded.

A separate digital locker for MSMEs and charitable trust will be introduced.

“Rs 10,000 crore per year to be invested on Urban Infra Development fund,” announced the FM.  (KNN Bureau)

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