Schemes
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PM Modi launches two new schemes for MSMEs

Prime Minister Narendra Modi on Thursday launched two schemes for supporting micro, small and medium enterprises (MSME) —‘Raising and Accelerating MSME Performance’ (RAMP) and ‘Capacity Building of First-Time MSME Exporters’ (CBFTE).

Aimed at scaling up the implementation capacity and coverage of MSMEs, with impact enhancement of existing MSME schemes, RAMP will be implemented in collaboration with the World Bank with an investment of ₹6,000 crore over five years.

According to the government, it will complement the ‘Aatmanirbhar Bharat Abhiyan’ by fostering innovation, encouraging ideation, incubating new business and entrepreneurship by developing quality standards, improving practices and processes, enhancing market access, and deploying technological tools and ‘Industry 4.0’ to make MSMEs competitive and self-reliant.

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The CBFTE scheme aims to encourage MSMEs to offer products and services of international standards for the global market. This will enhance the participation of Indian MSMEs in the global value chain and help them realise their export potential, said an official statement.

schemes

During the launch, Modi also announced new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) to ramp up the MSME sector. He also digitally transferred assistance to beneficiaries of PMEGP for 2022-23,

Modi said the efforts of MSMEs will be a key driver of ‘Aatmnirbhar Bharat’. He emphasised that it is important for India’s MSME sector to be strong for increasing India’s exports and for India’s products to reach new markets.

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