CPSEs Make 34.63% Procurement From MSMEs In FY'24 Against Mandated 25%: FM

Finance Minister Nirmala Sitharaman announces CPSEs exceed procurement target from MSMEs with 34.63% in FY'24, surpassing the 25% goal. Discussions on CPSE performance and growth, including a significant increase in GeM procurement, were key points in the Ministry of Finance's Consultative Committee meeting.

Press Trust of India

Updated on: 22 December 2023 2:29 pm

Finance Minister Nirmala Sitharaman on Thursday said Central Public Sector Enterprises (CPSEs) have made 34.63 per cent of their total procurement from MSMEs in 2023-24 (till November) as against the mandated 25 per cent.

She said this during a meeting of the Consultative Committee attached to the Ministry of Finance on 'Performance of Public Enterprises'.

"Another highlight during the meeting was the exponential growth in Government e-Marketplace @GeM_India procurement by #CPSEs from Rs. 7,035 crore in 2020-21 to Rs. 133,720 crore in 2023-24 (upto November 2023)," the finance ministry said in a post on X.

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During the meeting a presentation was made by the Department of Public Enterprises (DPE) that highlighted the progress made by the CPSEs with 57 per cent growth in gross revenue and 27.5 per cent growth in net profit of CPSEs between 2020-21 and 2022-23.

"While appreciating the efforts of the Government for #PerformanceMonitoring of the #CPSEs, Members of Consultative Committee gave further suggestions for strengthening the functioning of the #CPSEs," it said.