Cabinet approves USD808-million programme for “Raising and Accelerating MSME Performance”

• The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, has approved a new scheme to improve the performance of micro, small, and medium enterprises (MSME).
• The scheme called ‘Raising and Accelerating MSME Performance’ (RAMP) is a World Bank assisted Central Sector Scheme and would commence in FY 2022-23.
• The total outlay for the scheme is  Rs.6,062.45 crore (USD 808 Million). Out of the total outlay, Rs.3750 crore (USD 500 Million) would be a loan from the World Bank and the remaining Rs.2312.45 crore (USD 308 Million) would be funded by the Government of India (GoI).
• The two major objective of RAMP programme is:
  1. Strengthening Institutions and Governance of the MSME Program, and
  2. Provide support to Market Access, Firm Capabilities and Access to Finance.

Source: PIB