PM Modi launches 'Raising and Accelerating MSME Performance' scheme

Tags: Economy/Finance Government Schemes

Prime Minister Narendra Modi launched the 'Raising and Accelerating MSME Performance' (RAMP) scheme under the Entrepreneur India Program at Vigyan Bhawan, New Delhi.

  • RAMP Scheme

  • The scheme was announced by the Finance Minister in the Union Budget 2022-23.

  • Recommendations for RAMP Scheme KV Kamath Committee, UK Sinha Committee and the Prime Minister's Economic Advisory Council (PMEAC).

  • It is a World Bank assisted central sector scheme under which the Ministry of Micro, Small and Medium Enterprises (MoMSME) is providing necessary support to address the challenges related to COVID-19.

  • The total financial outlay for the RAMP scheme is Rs 6,062.45 crore ($808 million).

  • The World Bank will provide a loan of Rs 3750 crore ($500 million) for this program and the remaining Rs 2312.45 crore ($308 million) is being funded by the central government.

  • Program Objective

  • The objective of the scheme is to improve access to credit and markets, as well as strengthen institutions and governance in the state and at the Centre.

  • It will also look at improving Centre and State partnerships as well as resolving issues related to delayed payments.

  • MSME capacity will also be increased through this program and MSME coverage will also be increased in the states and union territories.

  • The scheme will promote skill development, capacity building, technology up-gradation, quality enhancement, outreach, digitization, marketing promotion etc.

  • Plan implementation and monitoring

  • Strategic Investment Plans (SIPs) will be prepared for the implementation of RAMP and all the States and Union Territories of the country will be invited to provide inputs.

  • An outreach plan will be made to mobilise and identify MSMEs through SIPs.

  • The National MSME Council, which will be chaired by the Minister of MSME and comprising representatives from other ministries as well as a Secretariat, will monitor and evaluate the scheme.

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