Claims of Over 10,000 MSME Accepted in Vivad se Vishwas-I Scheme:

Claims of Over 10,000 MSME Accepted in Vivad se Vishwas-I Scheme Various Ministries/Departments of the Government of India have accepted more than 10,000 MSMEs' claims under the Vivad se Vishwas - I scheme, which is aimed at providing relief to MSMEs during the COVID-19 Pandemic period. This has resulted in more than Rs.256 crore being granted to MSMEs and an increase in the flow of bank credit due to the release of guarantees. The Ministry of Petroleum and Natural Gas (MoPNG) has granted the most generous relief of Rs.116.47 crore. This includes claims settled and amounts paid by agencies under the administrative control of the MoPNG. Performance of TOP FIVE Ministries in terms of claims settled and amount paid is given in the table below: The Union Finance Minister announced the Vivad se Vishwas I - Relief for MSMEs scheme in the Budget Speech 2023-24. On April 17, 2023, the Ministry of Finance launched the scheme via the Government e-Marketplace (GeM) portal. The deadline for submitting claims for relief under the scheme on the GeM portal was July 31, 2023. GeM had created a special portal for the purposes of this scheme. The Department of Expenditure issued instructions outlining the scheme and procedure for filing a claim on 11.04.2023, . The scheme's scope was later expanded to include works procurement and earning contracts. Relief was provided under the scheme in the form of a refund of 95% of the deducted performance security, bid security, and liquidated damages. MSMEs barred from contract execution were also given relief. The assistance provided under this scheme was in addition to the government's efforts to promote and sustain the MSME sector, which had been severely impacted by the COVID-19 pandemic.