3 MSME schemes launched by government under RAMP programme

Jan 03, 2024 Abhishek Yadav

MSME Ministry recently launched 3 sub-schemes under the ministry’s existing RAMP ((Raising and Accelerating MSME Productivity) programme to encourage the adoption of sustainable technology in business, boost the circular economy and address delayed payments issue.

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The MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme) will help enterprises adopt green technology with interest subvention and credit guarantee support.

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The MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) is the first-ever scheme in the government to support circular economy projects which will be done through credit subsidy and support MSME sector towards zero emissions by 2070.

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The third scheme MSE Scheme on Online Dispute Resolution for Delayed Payments is a first-of-its-kind scheme to synergise legal support with modern IT tools and artificial intelligence in order to address the issue of delayed payments for micro and small enterprises.

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More details on the sub schemes are expected soon. Meanwhile, key objectives of RAMP are to accelerate centre-state collaboration in MSME promotion and development, enhance the effectiveness of existing schemes of the MSME Ministry, etc.

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6.35 lakh MSMEs are likely to benefit from better access to market, finance and credit under the Rs 6,000-crore RAMP scheme for MSMEs.The scheme was announced in 2022 budget last year to be rolled out over years, beginning in the FY23 fiscal, to help the MSME sector become more resilient, competitive, and efficient.

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The ministry has also made ZED scheme, which aims to promote manufacturing without any negative impact on the environment, completely free for women led MSMEs.

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In addition, the government will guarantee payment of 100 per cent financial support for the certification cost under the scheme.

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The financial support extended to MSMEs securing ZED (Zero Effect, Zero Defect) scheme’s certification has crossed Rs 100 crore with over 1.60 lakh MSMEs registering under the scheme since its launch in April 2022.

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