Why is it in the News?

MSME Minister Narayan Rane recently launched three sub-schemes under the ministry’s existing RAMP ((Raising and Accelerating MSME Productivity) programme.

About the RAMP Programme:

• The Raising & Accelerating MSME Performance (RAMP) program, supported by the World Bank and inaugurated in 2022, is dedicated to enhancing the performance of micro, small, and medium enterprises (MSMEs) across India.

Program Objectives:

• Market and Credit Access: Facilitate improved access to markets and credit for MSMEs.
• Institutional Strengthening: Enhance institutional and governance structures at both central and state levels.
• Center-State Collaborations: Foster improved linkages and partnerships between central and state entities.
• Delayed Payment Issues: Address challenges related to delayed payments within the MSME sector.
• Greening of MSMEs: Promote sustainable practices and the adoption of green technologies within MSMEs.
• The National MSME Council has been set up by the Ministry to work as an administrative and functional body of the RAMP Programme.

Sub Schemes under RAMP:

• MSME GIFT Scheme: Aims to support MSMEs in adopting green technology through interest subvention and credit guarantee assistance.
• MSE SPICE Scheme: Focuses on promoting circular economy projects, with credit subsidy mechanisms, aligning with the MSME sector's goal of achieving zero emissions by 2070.
• MSE ODR Scheme: A pioneering initiative leveraging modern IT tools and Artificial Intelligence to address delayed payment incidents for Micro and Small Enterprises.
• Implementing Agencies for Sub Schemes:
• MSME GIFT and MSME SPICE Schemes: Small Industries Development Bank of India (SIDBI)
• MSE ODR Scheme: National Informatics Centre Services Inc. (NICSI)
• These sub-schemes, under the RAMP umbrella, signify a comprehensive effort to fortify and propel the growth of MSMEs, incorporating technological advancements and sustainable practices.