MSME minister Nitin Gadkari mulls awards to businesses paying on-time payments to MSMEs

In order to recognise businesses and organisations that have been making on-time payments to MSMEs for goods and services purchased, the MSME Ministry is wanting to recognise them by giving them awards.

Speaking at a webinar organised by a pro-entrepreneurship alliance of organisations viz Global Alliance for Mass Entrepreneurship (GAME) yesterday, Nitin Gadkari, the MSME Minister, thanked such buyers for making timely payments. “My special thanks to all CEOs who are promptly paying. The idea is now coming to my mind that we should create some awards for those who are very punctual and giving time-bound payment to MSMEs,” the minister noted.

The MSME Ministry had written to over 2,800 corporates in October after writing to 500 such businesses in September to settle MSME payment

The minister stressed developing technologies from existing resources to create products of global standards. This comes amid PM Modi’s campaigns such as Vocal for Local and Atmanirbhar Bharat campaigns to boost manufacturing among small businesses in India and promote entrepreneurship for doing so.

The government already runs multiple initiatives for encouraging entrepreneurship such as Startup India, Standup India, Entrepreneurship Skill Development Programme etc.

 “Mass entrepreneurship is very important. We have institutes of management, financial management, human resources but we don’t have institute of entrepreneurship. Conversion of knowledge into wealth is the future of the country but the conversion of waste into wealth is equally important. We need to find out a small technology by using available raw material in that area and we can make products of international standards,” Gadkari ended.