In May of this year, public sector steel companies disbursed an amount exceeding Rs 692.36 crore to micro, small, and medium enterprises (MSMEs), indicating a 35.6% increase compared to the payments made in the same month last year. According to an official statement, from April to May 2023, steel CPSEs (Central Public Sector Enterprises) have made payments totaling Rs 1,321.32 crore to MSMEs, demonstrating a growth of 23.8% compared to the corresponding period in the previous fiscal year of 2022-23.

Out of the overall payment amount, Rs 692.36 crore was paid out in the previous month, as confirmed by the Ministry. To ensure adherence to the 45-day deadline for settling dues, the steel ministry is actively monitoring the status of pending payments owed to MSMEs by CPSEs on a weekly basis.

Overall, the public sector steel companies have shown an upward trend in their payments to MSMEs, signifying their commitment to timely clearing of dues and supporting the growth of these enterprises.