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Raising and Accelerating MSME Performance (RAMP) Program

Part of: GS Prelims and GS-III – Economy

In news

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)

Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

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