Cabinet gives nod to ₹6,062.45 cr outlay in new scheme RAMP

The Union Cabinet authorised a US$ 808 million (Rs 6,062.45 crore) World Bank-assisted initiative on a new plan called "Raising and Accelerating MSME Performance" (RAMP) on 30 March, which is set to start in FY23.

The World Bank would invest Rs. 3,750 crore (US$ 500 million) of the overall outlay of Rs. 6,062.45 crore (US$ 808 million), while the Indian government will cover the remaining sum of Rs. 2,312.45 crore (US$ 308 million).

Highlights of this new scheme:

• 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) at the state and national level.
• The initiative intends to improve market and credit access, develop institutions and governance at the federal and state levels, improve federal-state connections and partnerships, resolve late payment difficulties, and greenify MSMEs.
• Capacity building, handholding, skill development, quality enrichment, technology upgradation, digitization, outreach, and marketing promotion would be bolstered by the programme.
• RAMP will support the Atma Nirbhar Bharat mission by encouraging innovation and improving industry standards and practises, as well as providing the necessary technological inputs to MSMEs to help them become more competitive and self-reliant, increase exports, reduce imports, and promote domestic manufacturing.
• All 63 million businesses that qualify as MSMEs will profit directly or indirectly from the RAMP initiative, which has an influence across the country. However, a total of 5,55,000 MSMEs are being targeted for improved performance, with an extension of the target market to include service industries and an increase of roughly 70,500 women-owned businesses.
• A part of RAMP would be the preparation of Strategic Investment Plans (SIPs). The SIPs would include an outreach plan for identifying and mobilising MSMEs under RAMP, as well as identifying key constraints and gaps, setting milestones, and projecting the required budgets for interventions in priority sectors such as renewable energy, rural and non-farm business, wholesale and retail trade, village and cottage industries, women enterprises, and so on.
• An apex National MSME Council, led by the Minister for MSME, will be in charge of overall monitoring and policy oversight of RAMP.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.