In a strategic move to fortify the financial foundations of India’s Micro, Small, and Medium Enterprises (MSMEs) amidst the challenging economic landscape, the Government of India has injected a substantial relief of more than Rs 256 crore into the sector. This financial resuscitation comes in the form of approved claims under the Vivad se Vishwas-I scheme, a key initiative designed to ease the economic strains exacerbated by the ongoing COVID-19 pandemic.
Official data released by the Ministry of Finance reveals that over 10,000 claims from MSMEs have been greenlit under this scheme. These approvals have not only provided a significant fiscal reprieve but have also unshackled the flow of bank credit, empowering these enterprises to navigate the turbulent business environment.
Leading the charge among the various ministries and departments participating in this initiative is the Ministry of Petroleum and Natural Gas (MoPNG). Demonstrating a proactive stance, MoPNG accepted a staggering 2,807 claims, granting a substantial relief package totalling Rs 116.47 crore. This sum includes both settled claims and payments made by agencies falling under MoPNG’s administrative jurisdiction.
This development underscores the government’s unwavering commitment to bolstering the MSME sector, acknowledged as the backbone of India’s economy. By swiftly processing and approving claims, the government not only alleviates immediate financial pressures but also stimulates the flow of credit, enabling MSMEs to invest in growth opportunities and sustain operations during these testing times.
The Vivad se Vishwas-I scheme continues to play a pivotal role in fortifying the resilience of MSMEs, ensuring their viability, and contributing significantly to India’s economic rebound. This injection of funds stands as a testament to the government’s proactive measures in supporting businesses, fostering financial stability, and steering the nation towards sustained economic recovery.