Govt offers 2-year Covid relief to plastic MSMEs

17-02-23 The Indian plastic industry has suffered huge losses due to the pandemic as factories had to shut down during the lockdowns, resulting in a loss of work, distribution, and sales. To provide relief, the government has decided to compensate the loss incurred by micro, small, and medium enterprises (MSMEs) in this sector. The Ministry of Finance has set up criteria for the grant, under which contractors or suppliers registered as medium, small, or micro-enterprises with the Ministry of MSME can avail of the benefits. The office memorandum proposes a refund of 95 percent of the performance security forfeited, 95 percent of the bid security (earnest money deposit), and 95 percent of the liquidated damages (LD) deducted from such firms. However, if a company was banned from getting a job due to a punishment during a specific time period, they cannot request any compensation when the punishment is lifted. The government has also stated that no additional money will be given for the time the ban was in place. The government is planning to set up a Government e-Marketplace (GeM) to facilitate the smooth implementation of this order. The government is hopeful that the Indian plastic industry has the potential to achieve worth Rs 10 lakh crore by 2027 and create a huge employment opportunity for one crore people in the next five years. If a company was banned from getting a job due to a punishment during a specific time period, they cannot request any compensation when the punishment is lifted. The government has also stated that no additional money will be given for the time the ban was in place. PolyMart does not provide any assurances or guarantees regarding the reliability, accuracy, completeness, or quality of the information available on its website, app, or through any of its services. Therefore, the company is not responsible for any errors, omissions, loss, or damage that may result from the use of the website or app. It is advisable for users to exercise caution and independently verify any information obtained from these sources before relying on it for any purpose