On Thursday at Vigyan Bhawan, Prime Minister Narendra Modi inaugurated the ‘Raising and Accelerating MSME Performance’ scheme. According to the Prime Minister’s Office (PMO), the scheme has an expenditure of about Rs. 6,000 crore. The scheme’s objective is to increase the implementation capability and scope of Medium Small and Micro Enterprises (MSME) in the states, enhancing existing MSME schemes.
It will complement the Aatmanirbhar Bharat Abhiyan as it will encourage innovation and creativity and support new businesses to develop better quality benchmarks, enhance practices and market availability, develop technical tools, and Industry 4.0 so that MSMEs become self-reliant.
With the RAMP scheme, PM Narendra Modi inaugurated the ‘Capacity Building of First-Time MSME Exports’ scheme and new characteristics of the ‘Prime Minister’s Employment Generation Program’ (PMEG).
The PMEG’s maximum project cost increased from Rs. 25 lakh to Rs. 50 lakh for the manufacturing sector and from 10 lakh to 20 lakh in the service sector and inclusion of applicants from transgenders and aspirational districts in the Special Category application for higher subsidies. Furthermore, support will be provided to entrepreneurs or applications via the engagement of technical, banking, and marketing professionals.
‘Udyami Bharat’ reflects the government’s constant dedication to work towards the empowerment of MSMEs. To support the MSME sector, the government undertook initiatives like the Emergency Credit Line Guarantee Scheme, MUDRA Yojana, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI); this benefited crores of people across the nation.
At the event, PM Modi announced the results of the MSME Idea Hackathon launched on March 10, 2022. The Hackathon aimed to support and encourage individuals’ untapped creativity, latest technologies, and inventions among MSMEs. The chosen innovations will be given funding support of up to Rs. 15 lakh per approved idea.