RAMP programme to help MSMEs increase access to market, credit, technology
A World Bank supported Rs.6,062.45 crore (US$808 million) Raising and Accelerating MSME Performance (RAMP) scheme will help Micro Small and Medium Enterprises (MSMEs) in improving access to market and credit as well as technology upgradation.
The World Bank is providing Rs.3,750 crore or US$500 million loan for the scheme over five years with the remaining Rs.2,312.45 crore or US$308 million to be funded by the Indian Government.
The scheme will also address issues of delayed payments and greening of MSMEs, Minister of State in the MSME Ministry Bhanu Pratap Singh Verma said in a written reply to the Rajya Sabha on 25 July 2022.
The scheme aims to strengthen institutions and governance at the Centre and State levels, improve Centre-State linkages and partnerships with these enterprises interventions under RAMP programme by way of increasing access of MSMEs to market, technology and credit.
It will also increase outreach to more MSMEs, inclusion of service sector, gender and greening initiatives among others. These are aimed at increasing the performance of the MSME sector.
The Government has announced measures to help MSMEs, Verma added.
These include:
- Subordinate Debt for stressed MSMEs;
- Rs.3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for business, including MSMEs, which has subsequently been increased to Rs.5 lakh crore;
- Rs.50,000 crore equity infusion through Self-Reliant India Fund;
- New revised criteria of classification of MSMEs;
- New registration of MSMEs through ‘Udyam Registration’ for Ease of Doing Business;
- No global tenders for procurement up to Rs.200 crore. fiinews.com