3 sub-schemes launched under RAMP

3 sub-schemes launched under RAMP

News: The Union Minister for MSME has launched three sub-schemes under the aegis of the RAMP programme.

What is the RAMP programme?
• The “Raising and Accelerating MSME Performance” (RAMP) is a World Bank-assisted Central Sector Scheme.
• It supports various COVID-19 Resilience and Recovery interventions of the Ministry of Micro, Small and Medium Enterprises (MoMSME).
• An important component of RAMP is the preparation of Strategic Investment Plans (SIPs), in which all states/UTs will be invited. The SIPs would include an outreach plan for identification and mobilisation of MSMEs under RAMP, identify key constraints and gaps, set milestones, and project the required budgets for interventions in priority sectors.
• The scheme was announced by the finance minister in the Union Budget 2022-23.

What are the 3 sub-schemes?
• The MSME Green Investment and Financing for Transformation Scheme (MSME GIFT Scheme): It intends to help MSMEs adopt green technology with interest subvention and credit guarantee support.
• The MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme): It is the first ever scheme in the Government to support circular economy projects which will be done through credit subsidy and will lead to realising the dream of MSME sector towards zero emissions by 2070.
• The MSE Scheme on Online Dispute Resolution for Delayed Payments: It is a first of its kind scheme to synergise legal support with modern IT tools and Artificial Intelligence to address the incidences of delayed payments for Micro and Small Enterprises.
• The National MSME Council has been set up by the Ministry to work as an administrative and functional body of the World Bank supported RAMP Programme.