Union Minister Narayan Rane launches web portal for RAMP
In an effort to scale up the implementation capacity and coverage of Micro, Small, and Medium Enterprises (MSMEs) in the country, the Minister of MSMEs, Narayan Rane recently launched the web portal for the Rs 6,062.45 crore World Bank-assisted central government scheme, Raising and Accelerating MSME Performance (RAMP).
- The scheme was originally announced back in 2020 to support Covid-hit MSMEs in the country and aims to improve the performance of 5.55 lakh MSMEs, according to a World Bank statement.
- The launch of the web portal for the RAMP scheme is a step towards providing much-needed support to MSMEs in India that have been affected by the Covid-19 pandemic.
- The scheme, which is backed by both the World Bank and the Indian government, aims to improve the performance of MSMEs in the country by supporting institutional and policy reforms, research studies, and technology upgradation.
- The scheme will initially be implemented in five states, with the goal of eventually scaling up to cover MSMEs throughout India.
About the RAMP Scheme
The RAMP scheme, which has a budget of Rs 6,062.45 crore, was approved by the World Bank in June 2021. Of the total budget, Rs 3,750 crore was approved by the World Bank, while the remaining Rs 2,312.45 crore will be funded by the government. The scheme aims to improve the performance of 5.55 lakh MSMEs in the country and will be overseen by a National MSME Council headed by the MSME Minister.
The budget for the RAMP scheme will be used for supporting institutional and policy reforms, research studies, integration of portals within the ministries/departments, increasing firm-level capabilities through technology upgradation, and reducing the incidence of delayed payments over a five-year period beginning in FY23.
Implementation of the RAMP Scheme
During the first year of implementation, FY23, the RAMP scheme will invite states and union territories to prepare a financing roadmap called Strategic Investment Plans (SIPs). The projects or businesses proposed in the SIPs will be funded based on their appraisals by the MSME Ministry. The scheme will begin with five states – Gujarat, Maharashtra, Punjab, Rajasthan, and Tamil Nadu, which are home to reportedly 54% of all registered MSMEs in the country.
The financial support under the RAMP scheme will be routed into the MSME Ministry’s budget against ‘Disbursement Linked Indicators’ (DLIs) to back the ministry’s various MSME programs. The DLIs will include the National MSME Reform Agenda, accelerating MSME sector center-state collaboration, strengthening the invoice discounting market for MSMEs, and boosting the effectiveness of the CGTMSE scheme.
Month: Current Affairs - January, 2023
Category: Economy & Banking Current Affairs - 2022
Topics: MSMEs • Narayan Rane • RAMP scheme • Web Portal for RAMP Scheme • World Bank
Current Affairs MCQs PDF - February, 2023
Current Affairs Articles Compilation [PDF] - February, 2023
Current Affairs [PDF] - February 16-28, 2023
|View All E-Books: Recent Release|