The scheme was announced in the Union Budget 2023-24.
Ministry: – Ministry of Finance
Launch Year: – 2023
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The Ministry of Finance’s Department of Expenditure has introduced a program called “Vivad se Vishwas I – Relief to MSMEs” to offer assistance to Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 pandemic. The scheme aims to provide relief to MSMEs affected by the pandemic.
To provide relief to Micro, Small, and Medium Enterprises (MSMEs) during the COVID-19 pandemic by refunding their performance security, bid security, and liquidated damages forfeited/deducted by government undertakings and government agencies. The scheme aims to ease the financial burden on MSMEs and promote their growth by returning 95% of the forfeited bid fee or performance security in case of the non-execution of contracts during the COVID pandemic. The Vivad se Vishwas Scheme I came into effect on 17.04.2023, and the deadline for submitting claims is 30.06.2023.
Beneficiaries: – MSME Industry
Under the “Vivad se Vishwas I – Relief for MSMEs” scheme, relief will be provided to Micro, Small, and Medium Enterprises (MSMEs) in all contracts for the procurement of goods and services by any department, ministry, attached/subordinate office, an autonomous body, Central Public Sector Enterprise (CPSE) or public sector financial institution, etc., provided that the MSME meets the following criteria:
This relief aims to provide support to MSMEs impacted by the COVID-19 pandemic and help them overcome the financial difficulties caused by it.
The Ministry of Finance has announced that eligible Micro, Small, and Medium Enterprises (MSMEs) will receive the following benefits under the “Vivad se Vishwas Scheme I”:
These benefits are intended to provide relief to MSMEs impacted by the COVID-19 pandemic, alleviate their financial burden, and promote their growth.
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