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Govt launches WB-supported scheme for MSMEs

The government has launched a World Bank supported Central Sector Scheme called Raising and Accelerating MSME Performance (RAMP). The scheme aims to strengthen institutions and governance at the central and state levels, improve centre-state linkages and partnerships, and improve MSMEs’ access to markets and credit, as well as address issues of late payments and greening MSMEs.

In a written reply to the Rajya Sabha, Minister of State for Micro Small and Medium Enterprises, Bhanu Pratap Singh Verma stated that RAMP programme will be implemented over a period of five years. The total outlay for the scheme is Rs 60.6 billion ($808 million) out of which Rs 37.5 billion or $500 million will be a loan from the World Bank and the remaining Rs 23.1 billion or $308 million will be funded by the Government of India (GoI).

Interventions under RAMP programme, by way of increasing access of MSMEs to market, technology and credit, increasing outreach to more MSMEs, inclusion of service sector, gender and greening initiatives are aimed at increasing the performance of the MSME sector, thus resulting in more employment opportunities, the minister stated.

PR Newswire