Corporates should clear dues of MSMEs within 45 days: FM Sitharaman

Union Finance Minister Nirmala Sitaraman on Thursday urged industries to facilitate payments to MSMEs within the contract period.

Sitharaman had invited the Federation of Indian Chambers of Commerce and Industry (FICCI) members to the drawing board for a post-Budget interaction.

She further urged FICCI to actively look at the phase of development the country is in and also look at the blueprint of Amritkal that Prime Minister Narendra Modi laid down during his Independence Day address from the ramparts of the Red Fort last year.

"FICCI should identify the opportunities and challenges that the government has identified, as this will be a very valuable input for the next 25 years of policy framing, which should be consistent and have certainty," she said.

During the interaction with the minister, FICCI members congratulated the Finance minister for presenting the first budget of the 'Amrit Kaal'. Many suggestions were also given on the announcements made in the Budget.

The Finance minister also asked corporates to clear the dues of MSMEs within a time frame of 45 days.

She said, "Payment of dues cannot be sitting locked up. Payment should be made by all of us, government departments, PSUs, and government enterprises."

She added that industries should harness their potential and share their suggestions with the government on a regular basis, as it would facilitate policy interventions by the government.

"I want the Industry to be the prime mover with respect to the latest frontiers in the conversion of renewable energy, rare earth materials to usable technologies," she said.

She added that the "Industry is what I would put first in any policy formulation."

She further said, "It is only through greater sharing of inputs and ideas by the Industry that we can create a responsible policy for India to move forward.