Indian Economy News

Prime Minister Mr. Narendra Modi sees the MSME sector as essential to India's economic success

  • IBEF
  • March 31, 2022

Prime Minister Mr Narendra Modi lauded the Cabinet's approval of a World Bank-assisted Rs 6,062 crore (US$ 808 million) funding package for small and medium firms on Wednesday, saying the government is taking numerous initiatives to revitalise the MSME sector and encourage local enterprise.

"The MSME Sector is crucial for India's economic progress. Our government is taking many steps to add new energy into the sector and support local enterprise. Today's Cabinet decision is a step in this direction," He said.

According to an official announcement, the Cabinet Committee on Economic Affairs (CCEA) approved the Rs 6,062.45 crore (US$ 808 million) 'Raising and Accelerating MSM Performance' (RAMP) for micro, small and medium enterprises (MSMEs). The World Bank would cover Rs 3,750 crore (US$ 500 million) of the entire programme expenditure, while the central government will fund the remaining Rs 2,312.45 crore (US$ 305.56 million)

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

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