Financial Assistance Approved For ‘Raising and Accelerating MSME Performance

BANKING AND ECONOMY

  • The Union Cabinet approved the financial assistance of Rs 6,062.45 crore for ‘Raising and Accelerating MSME Performance (RAMP)’, a World Bank assisted programme.
  • RAMP is a new scheme which focuses on strengthening institutions and governance at the Centre and State, which would commence in FY 2022-23.
  • Among the total funds, Rs.3750 crore will be funded by the World Bank and the remaining Rs.2312.45 crore would be funded by the Government of India (GoI).
  • The programme has identified two areas - (i) strengthening institutions and governance of the MSME programme, (ii) support to market access, firm capabilities and access to finance.
  • The scheme will directly or indirectly benefit about 63 million enterprises that qualify as MSMEs.

  Facts to know:

  • Union Minister of Micro, Small and Medium Enterprises: Mr. Narayan Rane.
  • The Union Cabinet was chaired by PM Narendra Modi.
  • Headquarters of World Bank: Washington, D.C.,
  • President of the World Bank: Mr. David Malpass.
World Bank

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