Nearly US$ 85.4 million (Rs. 700 crore) payment was made to MSMEs in May by public sector steel enterprises: Steel Ministry
- IBEF
- June 21, 2023
According to the latest monthly summary report of the Ministry of Steel, payments to medium, small, and micro enterprises (MSMEs) of over US$ 84.5 million (Rs. 692.36 crore) were cleared by Steel Central Public Sector Enterprises (CPSEs) under the Ministry in May, registering a 35.6% increase over US$ 62.3 million (Rs. 510.53 crore) paid in May 2022.
Further, payments to MSMEs in May 2023 were 10.1% more than those made in April 2023, when they totalled US$ 76.7 million (Rs. 628.96 crore). Additionally, the May report highlighted that Steel CPSEs paid MSMEs US$ 161.2 million (Rs. 1,321.32 crore) in April and May, which was 23.8% higher than the amount paid to MSMEs during the same period last year.
According to the ministry's March 2023 summary report, Steel CPSEs paid MSMEs a total of US$ 936.2 million (Rs. 7,673.95 crore) during FY23, an increase of 39.3% over the payment made during FY22.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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