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.