Orders issued to clear MSME dues within 45 days: Nitin Gadkari
New Delhi, May 21 (KNN) Union Minister of Micro Small and Medium Enterprises (MSME) Nitin Gadkari has said that orders have been issued to clear all MSME dues within 45 days.
Gadkari, on Wednesday, while addressing the members of Confederation of Faridabad Industries Association and Materials Recycling Association of India said that he had requested the big industry as well to do the same.
''Ministry's Samadhan portal has helped payment release of nearly Rs 40 thousand crore to MSMEs,'' he informed.
Nitin Gadkari also called upon the MSME sector to consider technology upgradation and to look for foreign investment to forge ahead in the post-COVID-19 scenario.
''The relief package announced by the Prime Minister for MSME sector should be utilised by the medium and small-scale industry to jump back into action,'' he said.
The Minister said that the stimulus package announced by the Finance Minister will prove substantially helpful for MSME sector. He informed that by this 31st March, nearly 6 lakh MSMEs were restructured, and this number will be added by another 25 lakh by 31st December this year.
''The Fund of Funds worth Rs 10 thousand crore will be strengthened to Rs 50 thousand crore by adding other funds,'' he asserted.
While speaking on linking MSME liquidity to equity market, he said, ''the government will support those MSME units which have good rating by sharing 7.5 per cent in their stock market strength.''
The Minister was very upbeat over the change of definition of the MSME sector. Raising of investment limit in this sector will give great boost to the industry, which will now get easy finance from banks.
''The sector was demanding this revision for long. Similarly, easing of global tendering norm is a remarkable step,'' he avowed.
Gadkari urged the industry representatives to join together and consider forming industrial clusters around the proposed Delhi-Mumbai green expressway, where land prices are low. He said that he was open to all such proposals, and will help the industry in this direction.