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Govt Hints State-owned Steel Firms, MSMEs Debt-clearance Of Rs 7,673.95 Cr
According to the ministry, the pending payments to MSMEs by Central Public Sector Enterprises (CPSEs) of the ministry are monitored on a weekly basis ensuring over a period of 45 days, a set limit for the payment
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The Steel Ministry on Monday notified the government-owned steel companies cleared a total due of Rs 7,673.95 crore including various MSMEs during FY23 marking a 39.3 per cent higher payment in comparison to previous years, Rs 5,511.07 crore.
According to the ministry, the pending payments to MSMEs by Central Public Sector Enterprises (CPSEs) of the ministry are monitored on a weekly basis ensuring over a period of 45 days, a set limit for the payment.
It added earlier the payment of Rs 876.10 crore was made by steel CPSEs to MSMEs during March 2023, an up of 38.1 per cent year-on-year (y-o-y) and 23.1 per cent higher in comparison to the preceding month.
In the whole financial year 2022-23, a total of Rs 7,673.95 crore payment is made by steel CPSEs to MSMEs, a 39.3 per cent jump against Rs 5,511.07 crore payment made during FY 2021-22.
CPSEs under the administrative control of the steel ministry include SAIL, MSTC, RINL, KIOCL, MOIL, MECON, NMDC and it’s subsidiary FSNL.