Government will create payment platform for MSMEs, says Nirmala Sitharaman

NEW DELHIL: The government proposed on Friday the creation of a payment platform for micro, small and medium enterprises (MIPYME) to allow the submission of invoices and facilitate timely payments.

Revealing the first budget of Modi 2.0 government, finance minister Nirmala Sitharaman He highlighted the need to invest in the creation of employment in small and medium enterprises.

Government payments to suppliers and contractors are an important source of cash flow, especially for SMEs and SMEs. The investment in MSMEs will receive a major boost if these payment delays are eliminated, said Sitharaman.

In addition, he said, millions of Rs 350 for 2019-20 have been allocated for a 2 percent interest subsidy for all MSMEs registered in GST for new loans or with incremental loans under the interest subsidy plan for such Business.

The government will create a payment platform for MSMEs to allow the submission of invoices and payment on the platform itself, said Sitharaman.

She said that in two years, 300 entrepreneurs have emerged as a result of Outline of India standing .

The scheme will continue throughout the period, coinciding with the mandate of the 15th Finance Commission (2020-2025), added the finance minister.