Raising and Accelerating MSME Performance (RAMP) Program
Part of: GS Prelims and GS-III – Economy
- The World Bank has approved a USD 500 million program to help boost India’s MSME sector.
- The program is the Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program.
- It is the World Bank’s second intervention in this sector.
- The first intervention was the USD 750 million MSME Emergency Response Program.
Features of the RAMP
- The programme targets improvements in the performance of 5.5 lakh MSMEs.
- It is expected to mobilise financing of USD 15.5 billion, as part of the government’s USD 3.4 billion MSME Competitiveness – A Post-COVID Resilience and Recovery Programme (MCRRP).
- It will provide better access to finance and working capital for MSMEs by strengthening the financing markets.
- It will also scale up online dispute resolution mechanisms to address the problem of delayed payments.
Other Initiatives by India for MSME sector
- Prime Minister Employment Generation Programme and Other Credit Support Schemes
- Financial Support to MSMEs in ZED Certification Scheme
- A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE)
- National Manufacturing Competitiveness Programme (NMCP)
- Entrepreneurship Skill Development Programme (ESDP)