Session on Delayed Payments & Recovery for MSME’s
Kolkata, 11th April, 2023: The MSME Development Forum-West Bengal Chapter along with MSME Development Forum, West Bengal and EIRC of ICAI organized a program on ‘Session on Delayed Payments & Recovery for MSME’s’ today at ICAI Bhawan, Kolkata.
The event was attended by: Sri Vivek Gupta, MLA; CA Alok Tibrewala, Member, WB State MSE Facilitation Council; CS (Dr.) Adv. Mamta Binani, President of MSME Development Forum WB; CA Debayan Patra, Chairman, EIRC of ICAI; CA Sanjib Sanghi, Vice-Chairman, EIRC of ICAI; Mr. Ashok Ghosh, Deputy-Director(HQ) of MSME, Govt. Of Bengal; Adv. Narayan Jain, National Deputy President, All India Federation of Tax Practitioners (AIFTP) and many others.
On this occasion, CS (Dr.) Adv. Mamta Binani, Past President ICSI & President of MSME Development Forum WB Chapter said, “MSME is one sector which not only holds the GDP and grows it but is a big enabler for the socio and equitable growth of the nation. With more than 6 crore units and over 11 crore workers, the MSME sector is the second-largest employer in the country after agriculture. With approximately 30% of the GDP and more than 45% of all Indian exports going to this sector, there is a substantial contribution to economic growth. The government is always trying to improve MSMEs’ competitiveness in the global value chain and one very important factor is availability of working capital and availability of cheap money. When the payments to them gets stuck, the viability and feasibility of business gets jeopardised as the life blood of a business is cash. This program aims to showcase the MSE facilitation council where cases can be filed by the registered micro and small units complaining non-payment of their invoices and how this is working in alleviating the woes of businesses.”
About MSME: MSME plays a very important role in strengthening the economy of India on global ranking indexes. As per present estimates, nearly 30 percent of the GDP of India, which has more than 63 million MSMEs which by a latest estimated count has almost doubled, shows how quickly the sector is developing. As of 2022, the sector has grown by 37% yearly and accounted for almost half of the total exports. The dexterity and adaptability of this sector has proved to be the most precious gifts that has lent shine to entrepreneurship, employability and business acumen.