In a positive development, Union Minister of Micro, Small and Medium Enterprises Nitin Gadkari on Wednesday (21 January) stated that the Central Government is looking forward to bringing a law that will make it mandatory to pay the dues of MSMEs within 45 days, reports ANI.
The move is slated to boost micro, small and medium enterprises (MSME) sector and strengthen the Atmanirbhar Bharat programme.
Addressing the members from All India Association of Industries, Gadkari reportedly said, "All MSME receivables should be paid within 45 days. Delayed payment is a major problem faced by MSMEs. We are thinking to bring a law to protect their interests."
He also underscored that the government was mooting a proposal to introduce a legislation mandating public sector undertakings to settle the dues of MSMEs within 45 days of sale.
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