MSME Performance Scheme: Raising and Accelerating, Benefits & Features

Short Details :- MSMEs have been a big part of India’s economy for a long time as they control almost 48% of India’s export share. The number of exports from India has gone up recently because many entrepreneurs are starting their businesses. Prime Minister Narendra Modi was recently part of a program in New Delhi called Udyami Bharat. In this program, he introduced the Raising and Accelerating MSME Performance Scheme RAMP 2024 scheme to boost MSME performance. You can find more information about the scheme’s features, benefits, and details below.

New Update :– The program focuses on helping businesses reach markets and get loans, making institutions and government stronger, improving connections between the central and state governments, solving problems with late payments, and making small businesses more environmentally friendly. Besides training the Ministry of Micro, Small & Medium Enterprises (MSME) on a national level, the RAMP program will also work on increasing the ability to carry out plans and supporting more small businesses in different states.

Raising and Accelerating MSME Performance Scheme- RAMP

The prime minister launched the Raising and Accelerating MSME Productivity (RAMP) scheme, a new 5-year scheme with a total cost of INR 6000 crore. The World Bank contributed INR 37500 crore towards the funding, with the rest coming from the Indian government. The scheme is based on recommendations from the UK Sinha-led RBI export committee report, focusing on regulatory, financial, and implementation reforms. It aims to improve firm-level access in challenging areas and enhance implementation capacity in Gujarat, Maharashtra, Punjab, Rajasthan, and Tamil Nadu.

Benefits Of Raising and Accelerating MSME Performance Scheme

Around 18,000 small businesses have received over Rs 500 crore digitally, and more than Rs 1,400 crore has been given out under the Rs 50,000 crore Self-Reliant India Fund for small businesses. Small businesses are important for India’s growth, contributing about one-third to the country’s GDP. For every Rs 100 earned in India, Rs 30 comes from small businesses. Helping small businesses grow is good for everyone. The program’s role will continue to grow over the next 5 years.

• In June 2021, the World Bank mentioned about RAMP aiming to enhance the performance of 5.55 lakh MSMEs.
• An important group called the National MSME Council, led by the Minister for MSME, will supervise and review RAMP’s progress.
• PM Modi introduced the ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) plan to upgrade the quality of MSME goods and services to meet global standards.
• This initiative aims to assist MSMEs in joining the global value chain and tapping into export opportunities.

Features Of MSME Performance Scheme

The Raising and Accelerating MSME Performance Scheme (RAMP) 2024 has a plan to spend about 6000 crores Rupees. Its main goal is to help medium, small, and micro businesses in India grow and reach more places. This scheme will improve the current MSME programs and help them become better in the future. It will also work with other schemes like Atmanirbhar Bharat Abhiyan to encourage new ideas and innovation among young people.

Three New schemes launced today by Sh @narendramodi at #VigyanBhawan in New Delhi.

Raising and Accelerating #MSME Performance (#RAMP) scheme

Capacity Building of First-Time MSME Exporters (#CBFTE) scheme

Prime Minister’s #employment Generation Programme (#PMEGP)@minmsme pic.twitter.com/jZn0L3nCb4

— Laghu Udyog Bharati (Delhi) (@Lub_delhi) June 30, 2022

The young people will be motivated to start their own businesses, and they will be supported in learning how to do it well. The students will receive training to help them begin their own businesses confidently, even if they don’t have much experience. The prime minister has also introduced various schemes to support entrepreneurs in India.

Roles Of Raising and Accelerating MSME Performance Scheme

The scheme offers different roles to help entrepreneurs:

• Policy Provider helps in creating better policies and programs for MSMEs to enhance competitiveness and sustainability.
• Knowledge Provider shares best practices and success stories from around the world.
• Technology Provider gives access to advanced technology like Artificial Intelligence, Data Analytics, IoT, and Machine Learning to transform MSMEs digitally.

MSME Performance Scheme Eligibility Criteria

To be eligible for this scheme, the applicant needs to meet the following criteria:

• The applicant must be a citizen of India.
• The applicant should have good understanding of small and marginal businesses in India.
• The applicant must be willing to start their own business to join this scheme.

MSME Performance Scheme

Application Procedure of RAMP Scheme

The Prime Minister of India introduced the Raising and Accelerating MSME Performance Scheme (RAMP) 2024 to help small and marginal businesses in the country. Entrepreneurs looking to start their businesses can apply for this scheme to gain the necessary knowledge for running a successful business in India. To qualify for the scheme, applicants must meet the eligibility criteria established by the Indian Government.

Official Website 

MSME Performance Scheme

Conclusion

The Raising and Accelerating MSME Performance (RAMP) Scheme is a World Bank-backed Indian government initiative to boost the performance of Micro, Small and Medium Enterprises (MSMEs). It aims to improve access to credit and markets, strengthen institutions, address delayed payments, and promote greener practices. This five-year program targets 5.55 lakh MSMEs and aims to make them more competitive and contribute significantly to the Indian economy.