New Delhi: At its second meeting with Finance Minister Nirmala Sitharaman, representatives from micro, small, and medium enterprises (MSMEs) told the government that payment from public sector undertakings (PSUs) have been stuck for about six months to a year and asked the Centre to set up a dedicated tribunal to address the matter.
"Payment of MSMEs stuck with PSUs for about 6 months to one year. Industry suggested having a dedicated tribunal for MSMEs," Mukesh Mohan Gupta, President, Chamber of Indian Micro, Small and Medium Enterprises said on Tuesday.
The industry also demanded differential rates of interest for the sector, a government official said. "We have discussed issues relating to GST (goods and services tax), working capital. We have also discussed the issue of delayed payments that the sector faces from both big corporates and PSU (public sector undertakings)," the official said.
The industry has sought changes in declaration of non-performing assets (NPAs) for the MSME sector, Sanjay Bhatia, President, FICCI, Confederation of MSME, said.
"The UK Sinha committee recommendations are under very active consideration. Implementation programme of those recommendations will be announced very shortly. For the first time, that recommendation of special tribunal mooted. Proposal of special tribunal at an idea stage as of now. Need time to study the idea, draw the contours. We are also wary of more and more govt committees as government intervention adds a lot of layers of bureaucracy and MSMEs do not have human resources to handle such complexities," Ashok Saigal, co-chairman, CII National MSME council, said.
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The Reserve Bank of India (RBI) set up an eight-member expert committee under former Securities Exchange Board of India chairman UK Sinha and tasked the panel with proposing long-term solutions for the economic and financial sustainability of the sector.