RAMP Programme: Union Minister launches three sub-schemes under it

Source: The post is based on the article “Union Minister launches three sub-schemes under the RAMP programme” published in “PIB” on 20th December 2023

Why in the News?

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

What are the three sub schemes launched under RAMP Programme?

1) MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme): It aims to help MSMEs adopt green technology with interest subvention and credit guarantee support.

2) MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme): It aims to support circular economy projects through credit subsidy. This will lead to realizing the dream of MSME sector towards zero emissions by 2070.

3) MSE Scheme on Online Dispute Resolution for Delayed Payments: It aims to synergise legal support with modern IT tools and Artificial Intelligence to address the incidences of delayed payments for Micro and Small Enterprises.

What is the RAMP Programme?

1) RAMP is a World Bank assisted Central Sector Scheme.

2) Aim- To provide support to the MSMEs by:
a. Improving access to market and credit
b. Strengthening institutions and governance at the Centre and State
c. Improving Centre-State linkages and partnerships
d. Addressing issues of delayed payments and greening MSMEs.

3) Nodal Ministry- Ministry of Micro, Small and Medium Enterprises (MSME)

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UPSC Syllabus: Indian Economy/ Schemes and Policies