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Public procurement: Purchase of MSME goods by govt hits new high in FY24

According to the procurement policy, CPSEs need to procure at least 25 per cent of their total procurement value from MSEs in a financial year, of which 4 per cent is to be procured from MSEs owned by SC/ST entrepreneurs and 3 per cent from MSEs owned by women entrepreneurs.

The value of goods and services bought by central public sector enterprises (CPSEs) from micro and small enterprises (MSEs) in the financial year 2023-24 has hit a new high. According to the data available on the MSME Ministry’s public procurement monitoring portal MSME Sambandh on Monday, CPSEs had made procurement worth Rs 75,253 crore from MSEs in FY24, growing by 16.2 per cent from Rs 64,721 worth of procurement made in FY23. 

Importantly, the data on FY24 procurement available on the portal as of April 11 was Rs 58,744 crore. The latest figures indicate updated FY24 data from the government.

FE Aspire had reported on FY24 performance in Apri this year based on the available data showing a decline in procurement value from the previous fiscal year.