New Delhi, June 16 (KNN) It is estimated that Rs 10.7 lakh crore i.e. 5.9 per cent of the gross value added (GVA) of Indian businesses annually as delayed payments due from buyers to MSME suppliers, as per a recent study. 

It is a report by Global Alliance for Mass Entrepreneurship (GAME) and Dun & Bradstreet India which was presented to Narayan Rane, Union Minister for MSME.

Commenting on the report he said that all stakeholders such as the buyers, solution providers and MSMEs should come together and address the problem of delayed payments.

Delayed payments from buyers weaken the MSME suppliers and impede their growth. 

The government has been implementing a series of interventions to address this problem, he said.

Highlighting the key role of MSMEs in powering the Indian economy to its USD 5 trillion dollar future, the minister urged the stakeholders to coordinate and resolve the issue of delayed payments.

About 80 per cent of the annual delayed payments amount is owed to Micro and Small Enterprises (MSEs) in particular, INR 8.55 lakh crore, said the report.

BB Swain, Secretary, Ministry of MSME, Shailesh Kumar Singh, Development Commissioner, Dr. Ishita G. Tripathy, Additional Development Commissioner and several other officials were present when the report was presenting to the MSME Minister. (KNN Bureau)