The Union Cabinet chaired by Prime Minister Narendra Modi, approved Rs 6,062.45 crore (USD 808 million) on Wednesday for “Raising and Accelerating MSME Performance” (RAMP). RAMP is a programme assisted by World Bank. It is a new scheme and would commence in FY 2022-23. The main aim of the scheme is to improve access to market and credit, strengthen institutions and governance at the Centre and State, improve Centre-State linkages and partnerships, address issues of delayed payment and greening of MSMEs.
PM Modi tweeted, “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.”
As per the press release, the total outlay for the scheme is Rs 6,062.45 crore. Out of this total amount, Rs 3750 crore would be a loan from the World Bank and the remaining Rs 2312.45 crore would be funded by the Government of India.
