State-owned steel firms clear Rs 7,673.95 crore dues to MSMEs in FY23: Govt

State-owned steel firms clear Rs 7,673.95 crore dues to MSMEs in FY23: Govt

Government-owned steel companies have cleared Rs 7,673.95 crore dues of various MSMEs during FY23, 39.3 per cent higher than Rs 5,511.07 crore paid during the preceding fiscal, the steel ministry said.

"The status of pending payments to MSMEs by CPSEs (Central Public Sector Enterprises) of the ministry is being monitored on a weekly basis to ensure payments to them within the 45 days' time limit for such payments," it said.

A payment of Rs 876.10 crore was made by steel CPSEs to Micro, Small & Medium Enterprises (MSMEs) during March 2023, up 38.1 per cent year-on-year (y-o-y) and 23.1 per cent higher than the previous month, the ministry said.

During the entire financial year 2022-23, steel CPSEs have made a payment of Rs 7,673.95 crore to MSMEs, which is 39.3 per cent higher than Rs 5,511.07 crore payment made during FY 2021-22.

CPSEs under the administrative control of the steel ministry include SAIL, NMDC, RINL, KIOCL, MOIL, MECON, MSTC and its subsidiary FSNL.