Addressing the issue of delayed payments to MSMEs by government agencies, Minister for MSME Nitin Gadkari on February 26 said the government is working on resolving this issue by formulating a new scheme.
Payments due to MSMEs by government departments are currently monitored on the MSME Samadhaan portal. However, a recent report revealed that only 14 percent of the claims have been settled as of January 2020.
Gadkari also stated that the government is working towards restructuring of loans to MSMEs.
"After consultations with FM, we will take necessary steps to restructure loans and enable better credit to MSMEs," said Gadkari.
The government plans to start a portal to provide information on eligibility of MSMEs for various government schemes in 22 languages. Further, a global market intelligence system will be set up to enable MSMEs to avail information on export benefits available to them.
"Currently, 45 percent of exports are done by MSMEs. However, only 33,000 registered MSMEs exist. Due to lack of awareness on documentation non-tariff barriers, big export houses take advantage of these opportunities," said Arun Kumar Panda, Joint Secretary, Ministry of MSME.
To further boost exports by MSMEs, MSME gateway will be set up to provide a digital platform for SMEs in India to conduct business with SMEs abroad. This would enable transfer of technology and encourage investments.A state ranking system is in the works, in consultations with the NITI Aayog. The comprehensive index will rank states on the basis of ease of setting up of MSMEs. The index will be based on the 4Es - employment generation, enterprise creation, exports and ease of doing business.