MSME Secretary’s Letter To 500 Private Companies

MSME Secretary’s letter to 500 private companies, re-directing payment of dues of MSMEs to companies. The government, which is trying to set up MSMEs, has once again directed all companies to pay the dues to MSMEs. MSME Secretary A.K. Sharma has written these instructions to about 500 private companies.

During the announcement of the Self-Reliant India Package in May this year, it was directed to pay the dues of MSMEs in 45 days. But many companies have not yet paid the dues of MSMEs. The government has earlier also issued instructions to companies for payment of dues of MSMEs. MSMEs account for 30% of India’s GDP and 11 crores of people work in MSMEs.

The secretary said in his letter that due to corona there is pressure on all types of businesses, but this pressure on MSMEs is relatively high. He said that the MSMEs are facing increasing problems due to non-payment from their buyers and service providers. In a letter sent by the Secretary, all the companies have been asked to review the dues of the MSME and settle it immediately. Receipt of dues can help solve the cash problem of MSMEs which will help them to run their units.

He also said that on behalf of the government, companies have directed to mention the dues of MSMEs in their returns, but many companies are not doing so. According to the ministry, Rs 10,000 crore has been paid to MSMEs by the central and state PSUs. MSME Minister Nitin Gadkari has said many times from the public platform that all the companies owe MSME Rs 5 lakh crore.

Meanwhile Today, the stock market opened on Tuesday on the second trading day of the week. Bombay Stock Exchange’s flagship index Sensex opened up 124.61 points at 38881.24 level. The National Stock Exchange’s Nifty opened with a gain of 42.45 points at 11482.50. The Sensex closed down 97.92 points at 38756.63 levels on the previous trading day and the Nifty closed 43.40 points down at 11421.05.

Among today’s heavyweights stocks of Grasim, ICICI Bank, UPL, Dr. Reddy and Kotak Bank opened on the green mark. The shares of Tata Motors, Bajaj Auto, Zee Limited, IndusInd Bank and Shree Cement opened on the red mark.

On Monday, markets around the world rose. The US market Dow Jones closed at 27,993.30, up 327.69 points. At the same time, other Americans Nasdaq market closed at 11,277.80, up 190.36 points. The S&P was also up 42.57 points at 3,383.54.