Cabinet Approves usd 808 Million For Raising And Accelerating Msme Performance (Ramp).

Why in news?

• RAMP is a World Bank assisted Central Sector Scheme, supporting various COVID Resilience and Recovery Interventions of Ministry of Micro, Small and Medium Enterprises (MSME).
• It is a new scheme that would commence in financial year 2022-23 for 5-year period.
• It aims at improving access to market and credit, strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships, addressing issues of delayed payments and greening of MSMEs.
• Monitoring and policy overview of RAMP would be done by an apex National MSME Council, headed by Minister for MSME, including representation from various Ministries and supported by a secretariat.

Significance of RAMP scheme

• Complement Atmanirbhar Bharat mission by fostering innovation and enhancement in industry standards, promoting domestic manufacturing etc.
• Act as Policy Provider to enable delivery of more effective and cost-efficient MSME interventions to improve competitiveness and business sustainability.
• Provide necessary technological inputs to MSMEs to make them competitive and self-reliant.
• Scale up implementation capacity and MSME coverage in states as well.
• Act as job-enabler, market promoter, finance facilitator, and will support vulnerable sections and greening initiatives.

Objective of the scheme is to

• Strengthen institutions and governance of MSME programme
• To support to market access, firm capabilities and access to finance.