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Over 10,000 MSME claims accepted under Vivad se Vishwas-I Scheme, total relief exceeds Rs 256 crore
New Delhi: In a significant development aimed at alleviating the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 pandemic, various Ministries and Departments of the Government of India have approved more than 10,000 claims under the Vivad se Vishwas - I scheme.
This initiative seeks to provide much-needed relief to the MSME sector and has resulted in the disbursal of over Rs 256 crore to MSMEs, facilitating increased bank credit flow by freeing up guarantees, read the Ministry of Finance press release.
The Ministry of Petroleum and Natural Gas (MoPNG) has been at the forefront of granting relief to MSMEs, with the highest amount of relief totalling Rs 116.47 crore.
This sum encompasses both the settled claims and payments made by agencies operating under MoPNG's administrative control.
Ministry of Petroleum and Natural Gas- Rs116.47 crore disbursed, with 2,807 claims accepted, Ministry of Railways- Rs 79.16 crore granted, along with the acceptance of 2,090 claims, Ministry of Defence- Providing relief of Rs 23.45 crore, accepting 424 claims, Ministry of Steel- Extending Rs 14.48 crore in relief, with 244 claims accepted, Ministry of Power- Granting relief amounting to Rs 6.69 crore, with 119 claims accepted are the top five Ministries in tearms of claim settled and amount paid, read the press release.
The Vivad se Vishwas I – Relief for MSMEs scheme was initially introduced in the Union Finance Minister's Budget Speech for the fiscal year 2023-24.
The Ministry of Finance formally launched the scheme through the Government e-Marketplace (GeM) portal on April 17, 2023. MSMEs had until July 31, 2023, to submit claims for relief via the GeM portal, which featured a dedicated section for this purpose.
The Department of Expenditure issued comprehensive guidelines outlining the scheme and the procedure for submitting claims on April 11, 2023.
Subsequently, the scheme's scope was expanded to encompass works procurement and earning contracts.
Under this scheme, MSMEs were provided relief in the form of a refund, covering 95 per cent of performance security, bid security, and liquidated damages that had been deducted, read the press release.
Additionally, relief was extended to MSMEs that had faced debarment due to defaults in contract execution. These measures were part of the government's broader efforts to bolster and sustain the MSME sector, which had been severely affected by the COVID-19 pandemic.
This initiative underscores the government's commitment to supporting the MSME sector, ensuring its resilience, and facilitating its continued contribution to India's economic growth.