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