Raising and Accelerating MSME Performance Scheme: Benefits & Features

Check Out Raising and Accelerating MSME Performance Scheme All Features, Benefits, Implementation Process And Also check RAMP Scheme Status

MSME has been an integral part of the economy of India for a very long time because almost 48% of the Indian export share is in the hands of MSME. India has also seen a significant increase in the number of exports in the last few years because of the high number of entrepreneurs who are taking matters into their own hands in India. Prime Minister Narendra Modi has recently appeared in a program held in New Delhi known as the Udyami Bharat program and in this program he launched the very prestigious Raising and Accelerating MSME Performance Schemee (RAMP) 2022. You can also check out the specifications related to the features, benefits and details related to the scheme given below.

Raising and Accelerating MSME Performance Scheme- RAMP

Raising and Accelerating MSME Productivity (RAMP) scheme was recently launched by the prime minister of our country and it is a 5-year duration new Central sector scheme. The total project cost of the scheme is INR 6000 crore Rupees. The World Bank has a contribution of INR 37500 crore Rupees in the total funding and the remaining funding is done by the Indian government itself. It has an intervention design on the basis of the UK Sinha-led Reserve Bank of India export committee report. This scheme is implemented on the basis of various regulatory, financial and implementation reforms and it also has a firm-level access reform so that there is the proper development of the scheme across recognized challenging areas. The RAMP program will seek to scale up implementation capacity and firm coverage in the states of Gujarat, Maharashtra, Punjab, Rajasthan and Tamil Nadu.

Benefits Of Raising and Accelerating MSME Performance Scheme

18,000 MSMEs have been digitally transferred over Rs 500 crore and over Rs 1,400 crores have been released under Rs 50,000 crore Self-Reliant India Fund for MSMEs. MSMEs play a big role in the country’s progress. Around one-third contribution to India’s GDP comes from MSMEs. If India earns Rs 100, Rs 30 is because of MSMEs. Strengthening the MSME sector benefits everyone. The role of the program will be developing in the next 5 years.

  • In a statement in June 2021, the World Bank had said RAMP targets improvement in the performance of 5.55 lakh MSMEs. RAMP’s monitoring and policy overview would be undertaken by an apex National MSME Council headed by the Minister for MSME.
  • PM Modi also launched the ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) scheme to boost the quality of MSME products and services to match international standards for the global market. The move is intended to help MSMEs improve their participation in the global value chain and realise export potential.

Features Of RAMP Scheme

Raising and Accelerating MSME Performance Scheme (RAMP) 2022 has an outline of around 6000 crores Rupees and the main aim of the scheme is to scale up the implementation capacity and the coverage of medium, small and micro enterprises in the states in India. The scheme will also highly impact the already existing MSME schemes so that they can get great enhancement in the future. The scheme will also cover the already existing schemes in India such as the Atmanirbhar Bharat Abhiyan which will foster innovation and also increase the ideas of the youth.

The youth will be encouraged to get their own new business and entrepreneurship will be developed using quality standards. The students will be provided training and development so that they can start their own business without having the fear of failing due to less experience. Also, many other different types of schemes are included by the prime minister in order to help all the entrepreneurs in India.

Roles Of Raising and Accelerating MSME Performance Scheme

The following roles are provided by the authorities in this scheme for the help of the entrepreneurs:-

  • “Policy Provider” through the enhanced capacity for evidence-based policy and program design, to enable the delivery of more effective and cost-efficient MSME interventions to improve competitiveness and business sustainability.
  • “Knowledge Provider” through bench-marking, sharing and demonstrating best practices/success stories by leveraging international experiences.
  • “Technology Provider” by providing access to high-end technology resulting in the digital and technological transformation of MSMEs through state of art Artificial Intelligence, Data Analytics, Internet of things (IoT), Machine Learning etc.

Eligibility Criteria

The applicant must follow the following eligibility criteria to be eligible for this scheme:-

  • The applicant must be a permanent president of India
  • The applicant must have creative knowledge with respect to small and marginal businesses in India.
  • The applicant must be an entrepreneur in order to take part in this scheme.

Application Procedure of RAMP Scheme

Raising and Accelerating MSME Performance Scheme (RAMP) 2022 is implemented by the Prime Minister of India in order to provide proper knowledge related to small and marginal businesses in India. All the entrepreneurs who are trying to set up their own businesses can apply for this scheme so that they can get proper knowledge in order to continue their business and be a part of a successful business in India. You will be eligible for the scheme as per the eligibility criteria set by the authority of the Indian Government.