Wednesday, Nov 29 2023 | Time 08:37 Hrs(IST)
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Business Economy


Govt provides Rs 256 cr relief to MSMEs under Vivad Se Viswas-I scheme

New Delhi, Sep 26 (UNI) The government has accepted more than 10,000 claims from MSMEs under the Vivad se Vishwas-I scheme aimed at providing relief to MSMEs for the Covid period.
"This has led to the grant of more than Rs 256 crore to MSMEs and an increased flow of bank credit through the freeing up of guarantees," the Finance Ministry said in a media release on Tuesday.
Launched in Budget 2023–24, the Vivad se Vishwas I—Relief for MSMEs scheme required government departments and its agencies to refund performance security, bid security, and liquidated damages forfeited or deducted in cases of failure by MSMEs to execute contracts during the pandemic period.
Relief was also provided to MSMEs debarred for default in the execution of contracts.
As per the official statement, the highest relief of Rs 116.47 crore has been granted by the Ministry of Petroleum and Natural Gas (MoPNG). This includes the claims settled and amounts paid by the agencies under the administrative control of the MoPNG.
The Ministry of Railways accepted claims from 2,090 eligible MSMEs and provided relief to the extent of Rs 79.16 crore. The Ministry of Defense provided relief worth Rs 23.45 crore.
"The relief provided under this scheme was in continuation of the efforts of the government to promote and sustain the MSME sector severely impacted by the Covid-19 pandemic," said the Finance Ministry.
UNI NK ARN
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