New Delhi, July 8 -- One of the major announcements in the Union Budget (2019-20) has been setting up of a new Payment platform for Micro, Small & Medium Enterprises (MSMEs) to pay MSME suppliers.

Recognizing that Government payments to suppliers and contractors are a major source of cash flow, especially to SMEs and MSMEs, Finance Minister Nirmala Sitharaman announced that Government will create a payment platform for MSMEs to enable filing of bills and payment thereof on the platform itself.

Before the Budget, the new Union MSME Minister Nitin Gadkari had also identified delayed payment as a major problem for MSMEs.

President of Federation of Indian Micro and Small & Medium Enterprises (FISME) Dr. Animesh Saxena hailed the m...