RAMP Scheme Launched for MSMEs

RAMP Scheme  Launched for MSMEs

The RAMP scheme for MSMEs has been launched by the government in July, 2022. The scheme is 'Raising

and Accelerating MSME Performance' RAMP. It is a World Bank backed central sector scheme. This will help in increasing employment opportunities by boosting the performance of MSME sector.

At the same time, it will enhance the implementation capacity and coverage of MSMEs in the states by

increasing the impact of existing MSME schemes. Let us tell you that this scheme was announced in the budget 2022-23.

Objective of the Scheme

 1. Strengthening institutions and governance at the Center and in the State.

2. Improving Centre- State relations and partnerships. 

3. To improve access to market and credit of MSMEs. 

4. Technology Upgradation and addressing delayed payments and related issues.

RAMP Scheme

The RAMP program will be implemented over a period of five years. The total outlay for the scheme is ₹6,062.45 crore (approximately $808 million). Out of this ₹3750 crore will be the loan availed by the World Bank while the remaining ₹2312.45 crore will be funded by the Government of India.

Benefits of the scheme

It will be helpful in promoting innovation, stimulating ideation, promoting new business and entrepreneurship by developing quality standards and improving practices and processes. It will provide supplementary support to the self-reliant India campaign through increased market access and technological equipment and Industry 4.0. Apart from this, it will make MSME enterprises competitive and self-reliant.