PM Modi Launches Rs 6,000-Cr Scheme for MSMEs, New Initiative for First-Time Exporters

PM Modi Launches Rs 6,000-Cr Scheme for MSMEs, New Initiative for First-Time Exporters

The PM kickstarted a number of key initiatives including the ‘Raising and Accelerating MSME Performance’ (RAMP), and the ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme. He also flagged off new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) to ramp up the MSME sector. PM Modi launched these programmers at the ‘Udyami Bharat’ programme in New Delhi on the day. “The MSME sector is one of the main pillars behind the nation’s overall development. In the Indian economy, around one-third of the contribution is from the MSME sector. Empowering the MSME sector is equal to empowering the entire society,” said PM Modi after launching the key initiatives to aid MSMEs in India. He also transferred a financial assistance of Rs 550.08 crore digitally to 18,000 beneficiaries under Prime Minister Employment Generation Programme. To strengthen the MSME sector, in the last eight years, the Prime Minister said, the government has increased the budget allocation for this by more than 650 per cent. “For us, MSME means – Maximum Support to Micro Small and Medium Enterprises”, he stressed.

The Raising and Accelerating MSME Performance” (RAMP) is a world bank Central Sector Scheme worth Rs 6,062.45 crore, that was approved by the government earlier this year. 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, through enhanced collaboration with States, will be a job-enabler, market promoter, finance facilitator, and will support vulnerable sections and greening initiatives, as per the Centre. “Further, the programme will bolster the inadequately addressed blocks of capacity building, handholding, skill development, quality enrichment, technological upgradation, digitization, outreach and marketing promotion, amongst other things,” the government had said in a press release in March.

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