CCEA approves Rs 6,062.45 crore World Bank-assisted programme for MSMEs
The Cabinet Committee on Economic Affairs (CCEA) has approved the Rs 6,062.45 crore or $808 million 'Raising and Accelerating MSM Performance' (RAMP) for the micro, small and medium enterprises (MSMEs) to help improve their access to market and credit. RAMP will commence in FY23. Of the total outlay under the programme, Rs 3,750 crore ($500 million) will come from World Bank loan, and the remaining Rs 2,312.45 crore will be funded by the central government. RAMP will work under the Ministry of MSME (MoMSME) towards resilience and recovery interventions after the coronavirus disease.
The programme aims at improving access to market and credit, strengthening institutions and governance at the Centre and state, improving Centre-state linkages and partnerships, addressing issues of delayed payments and greening of MSMEs. In addition to building the MoMSME's capacity at the national level, the RAMP programme will seek to scale up implementation capacity and MSME coverage in states.
RAMP programme with impacts across the country will directly or indirectly benefit all 6.3 crore enterprises under the MSME category. A total of 5,55,000 MSMEs are specifically targeted for enhanced performance. In addition, expansion of target market to include service sectors and increase of about 70,500 women MSMEs is envisaged. RAMP has identified two result areas after preliminary missions and studies, first is to strengthen institutions and governance of the MSME programme and second is to support market access, firm capabilities and access to finance.
