Finance Minister Nirmala Sitharaman on Wednesday said e-market linkage for MSMEs will be promoted to act as a replacement for trade fairs and exhibitions.

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She said MSMEs were currently facing the problem of marketing and liquidity due to COVID-19 and fintech will be used to enhance transaction-based lending using the data generated by the e-market.

“Within the next 45 days, Government of India and CPSEs will honour all dues to MSMEs,” an official tweet read.

Will ensure that e-market linkages are provided to MSMEs: Smt @nsitharaman #AatmaNirbharBharatAbhiyan pic.twitter.com/r09ehlhqnv

— NSitharamanOffice (@nsitharamanoffc) May 13, 2020

The minister added that MSMEs receivables from the government and CPSEs will be released within 45 days.

She said that the government was monitoring settlement of dues to MSMEs from public sector enterprises.

Definition of MSMEs also gets a revision, investment limit will be revised upwards, additional criteria of turnover also being introduced, the government said.

Definition of MSMEs gets a revision, Investment limit to be revised upwards, additional criteria of turnover also being introduced#AatmanirbharBharat pic.twitter.com/euRNgiPJeB

— PIB India #StayHome #StaySafe (@PIB_India) May 13, 2020

Global tenders will be disallowed in government procurement up to Rs 200 crore.

Sitharaman in the press conference also said that a step taken for micro, small and medium enterprises (MSMEs) is a creation of fund of funds to infuse Rs 50,000 crore equity to expand MSME size as well as capacity

The government announced Rs 3 lakh crore collateral-free automatic loans for businesses including MSMEs.

First Published:May 13, 2020 5:19 PM IST