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The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved USD 808 million (Rs 6,062.45 crore) for a World Bank assisted programme on Raising and Accelerating MSME Performance (RAMP).
According to an official statement, RAMP is a new scheme and would commence in Financial Year 2022-23. Out of the total outlay for the scheme Rs 3,750 crore or USD 500 Million would be a loan from the World Bank and the remaining Rs 2,312.45 crore or USD 308 Million would be funded by the Government of India.
Raising and Accelerating MSME Performance” (RAMP) is a World Bank assisted Central Sector Scheme, supporting various Corona Virus Disease 2019 (COVID) Resilience and Recovery Interventions of the Ministry of Micro, Small and Medium Enterprises (MoMSME).
The programme aims at improving access to market and credit, strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships, addressing issues of delayed payments and greening MSMEs.
In addition to building the MoMSME’s capacity at the national level, the RAMP program will seek to scale up implementation capacity and MSME coverage in States.
RAMP programme will address the generic and COVID related challenges in the MSME sector by way of impact enhancement of existing MSME schemes, especially, on the competitiveness front.
RAMP programme with impacts across the country will directly or indirectly benefit all 63 million enterprises that qualify as MSMEs.
However, a total of 5,55,000 MSMEs are specifically targeted for enhanced performance, in addition, expansion of the target market to include service sectors and an increase of about 70,500 women MSMEs is envisaged.