Union Minister for MSME Narayan Rane has called for coordinated efforts by all stakeholders to resolve the issue of Delayed Payments.

Receiving a comprehensive report on the impact of delayed payments on MSMEs on Tuesday, Rane said delayed payments from buyers weaken the MSME suppliers and impede their growth.

He said that the Government has been implementing a series of interventions to address the problem.

At the same time, given the complexity of the problem, a lasting solution will need all stakeholders – the buyers, solution providers and MSMEs – to come together to address it, he added.

The Minister highlighted the key role of MSMEs in powering the Indian economy to its $5 trillion dollar future.

The report titled 'Unlocking the full potential of India’s MSMEs through prompt payments' written by Global Alliance for Mass Entrepreneurship (GAME) and Dun & Bradstreet (D&B) India and supported by Omidyar Network comprehensively covers the issue of delayed payments, and looks into the impact of this practice on MSMEs' survival and growth, supply chains and the overall economy.