Kolkata, Oct 9 (KNN) Expressing concern over delayed payments to MSMEs, which can sometimes lead to their closure, Raj Kumar Middya, state joint Director of MSME (P&S), urged the industry to cough up payments in due time.

Speaking at the 2nd edition of the Manufacturing and MSME Conclave 2023, hosted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM) Eastern Region, Middya said, "We have the MSME facilitation council with the Director of MSME as the chairman. Suppliers not getting payment within 45 days can approach Samadhan portal of the state government or directly approach the Council. We will take up conciliation and do our best to ensure that these outstanding payments are arranged promptly, either directly from us or by requesting the buyer to make the payment to the suppliers. It's important to note that this facility may not be widely known, so we encourage eligible suppliers to reach out and take advantage of this support." Reported millenniumpost.

Middya's statement comes at a time when MSMEs in India are facing a number of challenges, including delayed payments from buyers. According to a recent report by the Confederation of Indian Industry (CII), MSMEs wait for an average of 60 days to receive payments from buyers. This can lead to a number of problems for MSMEs, including cash flow shortages, difficulty in meeting working capital requirements, and even closure.

Middya's call for timely payments to MSMEs is timely and important. MSMEs are the backbone of the Indian economy, and they play a vital role in job creation and economic growth. By ensuring that MSMEs receive payments on time, we can help them to grow and thrive. (KNN Bureau)