View all features, benefits, implementation processes of the Raising and Accelerating MSME Performance Scheme, and check RAMP program status
MSME has been an integral part of India’s economy for a long time, as almost 48% of India’s export share is owned by MSME. The number of exports in India has also risen sharply in recent years due to the large number of entrepreneurs in India taking matters into their own hands. Prime Minister Narendra Modi has recently appeared in a program in New Delhi known as the Udyami Bharat program. In this program, he launched the prestigious Raising and Accelerating MSME Performance Scheme (RAMP) 2022. You can also see the specifications related to the features, benefits, and details related to the scheme below.
Raising and Accelerating MSME Performance Scheme- RAMP
Our Prime Minister recently launched the Raising and Accelerating MSME Productivity (RAMP) program as a new 5-year central sector program. The total project cost of the scheme is Rs 6,000 crore. The World Bank contributed Rs 37,500 crore of the total, with the rest being provided by the Indian government itself. It designed the intervention based on the report of the RBI Export Committee led by British Sinha. The program builds on various regulatory, financial, and implementation reforms, and it also undertakes enterprise-level access reforms to develop the program in recognized challenging areas appropriately. The RAMP scheme will expand implementation capacity and coverage in Gujarat, Maharashtra, Punjab, Rajasthan, and Tamil Nadu.
Benefits Of Raising and Accelerating MSME Performance Scheme
18,000 MSMEs have transferred over Rs 500 crore digitally, and over Rs 140 crores have been released under the Rs 50,000 crore Indian SME Self-Reliance Fund. MSMEs play an important role in the country’s progress. About one-third of India’s GDP comes from MSMEs. If India makes 100 rupees, then 30 rupees is for MSMEs. Strengthening the MSME sector is suitable for everyone. The role of the program will evolve over the next five years.
- The World Bank said in a June 2021 statement that RAMP aims to improve the performance of 555,000 MSMEs. The monitoring and policy overview of the RAMP will be carried out by the Supreme National MSME Council headed by the MSME Minister.
- Prime Minister Narendra Modi also launched the Capacity Building of First Time MSME Exporters (CBFTE) program to improve the quality of MSME products and services to meet international standards in the global market. The move aims to help MSMEs increase their participation in global value chains and realize their export potential.
Features Of RAMP Scheme
The Outline of Raising and Accelerating MSME Performance Programme (RAMP) 2022 is around Rs 6,000 crore. The program’s main objective is to expand the implementation capacity and reach of small, medium, and micro-enterprises in various states of India. The scheme will also significantly impact existing MSME schemes so that they can be greatly enhanced in the future. The program will also cover existing programs in India, such as Atmanirbhar Bharat Abhiyan, which will foster innovation and increase young people’s ideas.
Capacity Building of First-Time MSME Exporters (#CBFTE) scheme
— Laghu Udyog Bharati (Delhi) (@Lub_delhi) June 30, 2022
Young people will be encouraged to start new businesses and develop entrepreneurship using quality standards. Students will be provided with training and development to start their own business without fear of failing due to inexperience. In addition, the Prime Minister has included many other programs to help all entrepreneurs in India.
Roles Of Raising and Accelerating MSME Performance
The authorities provide entrepreneurs with the following roles in this scheme:-
- “Policy Providers” improve competitiveness and business sustainability by enhancing the capacity of evidence-based policy and program design to deliver more effective and cost-effective MSME interventions.
- “Knowledge Providers” benchmark, share and present best practices/success stories by leveraging international experience.
- “Technology Providers” enable the digital and technological transformation of MSMEs through state-of-the-art artificial intelligence, data analytics, Internet of Things (IoT), machine learning, and more by providing access to high-end technologies.
Performance Scheme of Raising and Accelerating MSME Performance
Applicants must meet the following eligibility criteria to be eligible for this program:-
- The applicant must be the permanent president of India.
- Applicants must possess creative knowledge about small and marginal businesses in India.
- Applicants must be entrepreneurs to participate in the program.
Eligibility Criteria for Raising and Accelerating MSME Performance
The Raising and Accelerating MSME Performance Programme (RAMP) 2022 was implemented by the Prime Minister of India to provide appropriate knowledge relevant to small and marginal businesses in India. All entrepreneurs who are trying to set up their businesses can apply for this program so that they can acquire the proper knowledge to continue their business and become part of a successful business in India. You will be eligible for the program based on the eligibility criteria set by the Indian government authorities.