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