Public sector steel firms clear Rs 692 crore dues to MSMEs in May: Ministry

Public sector steel companies paid over Rs 692.36 crore to micro, small and medium enterprises (MSMEs) in May this year, 35.6 per cent higher than the payment made in the same month last year.

According to an official statement, during April-May 2023, steel CPSEs (Central Public Sector Enterprises) have made payment of Rs 1,321.32 crore to MSMEs, which is 23.8 per cent higher than Rs 1,067.53 crore made during the corresponding period of preceding 2022-23 fiscal.

Of the total payment, Rs 692.36 crore was paid in the last month, the ministry said.

The status of pending payments to MSMEs by CPSEs of the steel ministry is being monitored on a weekly basis to ensure that dues are cleared within the 45-day deadline.