Steel PSUs clear dues of MSMEs worth Rs 7,674 cr during 2022-23

NEW DELHI: State-owned steel companies have cleared dues worth Rs 7,674 crore of various micro small and medium enterprises (MSMEs) during 2022-23, which is 39.3 per cent higher than Rs 5,511.07 crore paid during the previous fiscal, the steel ministry said.

"The status of pending payments to MSMEs by central public sector enterprises (CPSEs) of the ministry is being monitored on a weekly basis to ensure payments to them within the 45 days' time limit for such payments," it said.

Rs 876.10 crore was paid by steel CPSEs to MSMEs during March 2023, which was up 38.1 per cent year-on-year (y-o-y) and 23.1 per cent higher than the previous month, the ministry said.

CPSEs under the administrative control of the steel ministry include SAIL, NMDC, RINL, KIOCL, MOIL, MECON, MSTC and its subsidiary FSNL.