Vivad se Vishwas: Govt settles over 43k MSME claims; refunds Rs 700 cr

New Delhi: The government has settled 43,904 refund claims worth Rs 700 crore of MSMEs under the dispute resolution scheme Vivad se Vishwas-I.

Under the scheme, MSMEs could claim a refund of 95 per cent of performance or bid security and liquidated damages forfeited by government departments and public sector entities during the COVID-19 pandemic.

The scheme, announced in the 2023-24 Budget, opened on April 17, and the last date for submission of claims for relief on the GeM portal was July 31.

"A total of 43,904 claims have been settled by the Government of India to the MSMEs under the Vivad se Vishwas scheme. The value is approximately Rs 700 crore right now, that's the amount refunded," Finance Secretary TV Somanathan said.

He said about 4,000 refund claims are yet to be decided under the scheme.

Somanathan said the scheme has given substantial relief to a number of MSMEs.

The relief provided under this scheme was in continuation of the efforts of the government in promoting and sustaining the MSME sector severely impacted by the COVID-19 pandemic.