The total expenditure of the RAMP program is 808 Mn MoS Verma
The government has launched a World Bank-backed core sector program called Raising and Accelerating MSME Performance (RAMP) with a total expenditure for the program of USD 808 million, Minister of State for MSMEs, Bhanu Pratap Singh Verma said in a written response to the Rajya Sabha.
The program aims to strengthen institutions and governance at the center and at the state to improve MSMEs’ access to market and credit, technological upgrading and solve the problems of late payments and greening of MSMEs, did he declare.
Verma added that out of $808 million, $500 million would be a loan from the World Bank and the remaining $308 million would be funded by the government.
Talking about the RAMP program, he said that it will be implemented over a period of five years.
Measures taken by the center to help Micro, Small and Medium Enterprises (MSMEs) include subordinated debt for stressed MSMEs, Rs 3 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) which has been increased to Rs 5 lakh crore, a Verma said.
Apart from this, the central government has also announced an equity injection of Rs 50,000 crore through India’s self-governing fund, newly revised classification criteria for MSMEs, new registration through ‘Udyam Registration’ for facilitate business, no global tenders for procurement up to Rs. 200 crores, Verma said.