Union Minister Nitin Gadkari admitted micro, small and medium enterprises (MSME) sector is on the brink of collapse and implored major industries to release pending dues to such companies within a month.
Gadkari further said that MSMEs are in “worst” position and engaged in a “battle for their survival”.
The minister also said that the pending dues owed by the central government, state governments, public sector undertakings (PSU) and major industries was “very high”.
In an interaction via video-conferencing with the members of SIAM Institute, the MSME minister said, “My request to all of you, as members of major industries, if it is possible for you to at any cost release the payment within a month. Don’t take more time than that otherwise the situation is very bad”.
“But still if anywhere you have a problem, please be positive about this sector, because this is really on the verge of collapse. Now it is a very important thing if you can help them, within a month if you can give their payment it will be good,” Gadkari said.