Union Finance Minister Sitharaman said that the private sector also owes such small businesses from where it avails goods and services.
Union Finance Minister Sitharaman said that the private sector also owes such small businesses from where it avails goods and services.
Union Finance Minister Nirmala Sitharaman on September 16 asked the private sector to clear the dues of Micro, Small and Medium Enterprises (MSMEs) within 45 days.
Acknowledging that the MSME sector is owed by the Centre, state governments and state-owned enterprises, Ms Sitharaman said the private sector also owes small businesses from where it avails goods and services.
Ms Sitharaman said, in her meeting with big businesses two days ago, she appealed to them to ensure that dues of small businesses – which are the backbone of the economy – are cleared on time.
“The private sector and industry should commit to make the payment in 45 days along with the books of accounts filed with the Registrar of Companies. The private sector should also be ahead in this matter,” the minister said. An event organized here by the RSS-affiliated Laghu Udyog Bharti dedicated to small businesses.
He also said that the central government will also take steps to address the issue by ensuring that the department and central public sector enterprises make payments to small businesses in 90 days.
The minister also appealed to the state governments and public sector enterprises to clear the dues on time.
Stating that her ministerial colleagues also often raise the issue of accumulation of dues of MSMEs, Ms Sitharaman highlighted government schemes such as the TREDS (Trade Receivables Discounting System) platform and Samadhan portal.