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Prime Minister Modi launches schemes to boost MSME sector

New Delhi: Prime Minister Narendra Modi on Thursday launched two schemes to support the growth of the micro, small and medium enterprises (MSME) sector.
Aimed at scaling up implementation capacity and coverage of MSMEs in states, Raising and Accelerating MSME Performance or RAMP scheme will be implemented in collaboration with World Bank with an investment of 6,000 crore over five years.
The Capacity Building of First-Time MSME Exporters or CBFTE scheme aims to encourage MSMEs to offer products and services of international standards for the global market. This will enhance the participation of Indian MSMEs in the global value chain and help them realise their export potential, said an official statement.
According to the government, the schemes will complement the ‘Aatmanirbhar Bharat Abhiyan’ by fostering innovation, encouraging ideation, incubating new business and entrepreneurship by developing quality standards, improving practices and processes, enhancing market access, deploying technological tools and ‘Industry 4.0’ to make MSMEs competitive and self-reliant.
During the launch event, the Prime Minister also announced new features of the ‘Prime Minister’s Employment Generation Programme’ (PMEGP) to ramp up the MSME sector. He also digitally transferred assistance to beneficiaries of PMEGP for 2022-23.
Addressing the programme, Modi said that the efforts of MSMEs will be a key driver of ‘Aatmnirbhar Bharat’. He emphasised that it is important for India’s MSME sector to be strong for increasing India’s exports and for India’s products to reach new markets.
“Our government is taking decisions and making new policies keeping in mind your ability and the immense potential of this sector,” he added. He said that the initiatives launched on Thursday and other measures undertaken by the government are linked with the quality and promotion of MSME.
To strengthen the MSME sector, in the last eight years, he said, the government has increased the budget allocation for the sector by more than 650%.
Noting that more than 11 crore people are connected with the sector, the Prime Minister remarked that MSME is critical for employment generation. During the pandemic, the government decided to save the small enterprises and give them new strength.
Citing a report, he said that because of the benefits under the Emergency Credit Line Guarantee Scheme, have resulted in saving about 1.5 crore jobs.
Noting that in GeM, MSMEs have got a strong platform to provide goods and services to the government, Modi asked MSMEs to get registered on the GeM portal.
The Prime Minister said that the government is taking measures to help MSME in increasing exports. He said that ‘Pradhanmantri Rozgar Srijan Karykram’ was revamped after 2014 as it was not able to achieve its goals in the period between 2008-2012. Since 2014, more than 40 lakh jobs have been created under the programme, he said.
During this period 14,000 crore worth of margin money subsidy was provided to these enterprises, he said.
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