Claims Of Over 10,000 MSMEs Accepted Under Vivad se Vishwas-I scheme So Far: Govt

Union government have accepted more than 10,000 claims of micro, small and medium enterprises (MSMEs) under the Vivad se Vishwas- I scheme aimed at providing relief to MSMEs for the Covid-19 pandemic period, the Union Finance Ministry said on Tuesday.

"This has led to grant of more than Rs 256 crore to MSMEs and increased flow of bank credit through freeing up of guarantees," the ministry stated.

The highest relief of Rs 116.47 crore has been granted by the Ministry of Petroleum and Natural Gas (MoPNG). This includes the claims settled and the amount paid by the agencies under the administrative control of the MoPNG.

The Vivad se Vishwas I was started by the Ministry of Finance through the Government e-Marketplace (GeM) portal on 17 April 2023.  

The Department of Expenditure had issued instructions detailing the scheme and procedure for lodging a claim on 11 April 2023. The scope of the scheme was subsequently expanded to include works procurement and earning contracts. 

Under the scheme relief by way of a refund of 95 per cent of the deducted performance security, bid security and liquidated damages was provided.