Rane calls for coordinated efforts to resolve delayed payments to MSMEs

NEW DELHI: Union minister Narayan Rane has called for coordinated efforts by all stakeholders to resolve the issue of delayed outstanding payments to Micro, Small and Medium Enterprises (MSMEs).

Receiving a comprehensive report on the impact of delayed payments on MSMEs on Tuesday, the MSME minister said delayed payments from buyers weaken the MSME suppliers and impede their growth.

He said that the government has been implementing a series of interventions to address the problem.

At the same time, given the complexity of the problem, a lasting solution will need all stakeholders –- the buyers, solution providers and MSMEs –- to come together to address it, he added.

The report titled ‘Unlocking the full potential of India’s MSMEs through prompt payments’, written by Global Alliance for Mass Entrepreneurship (GAME) and Dun & Bradstreet (D&B) India and supported by Omidyar Network, comprehensively covers the issue of delayed payments, and looks into the impact of this practice on MSMEs’ survival and growth, supply chains and the overall economy to MSMEs.

(The one-stop destination for MSME, ET RISE provides news, views and analysis around GST, Exports, Funding, Policy and small business management.)

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