New Delhi, India (CU)_ As part of the ‘Udyami Bharat’ programme, Prime Minister Narendra Modi launched the ‘Raising and Accelerating MSME Performance’ (RAMP) project at Vigyan Bhawan in New Delhi. The five-year RAMP plan, which was established by the government and the World Bank in 2020 to aid the economic recovery of Covid-affected MSMEs, will begin in the current fiscal year 2022-2023.
During his speech at the ‘Udyami Bharat’ event, PM Modi spoke about ways to strengthen MSMEs. He said, “18,000 MSMEs have been digitally transferred over Rs 500 crore and over Rs 1,400 crore has been released under the 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 Prime Minister added that no worldwide tenders will be held for orders under INR 200 crores. The PM added, “Our government has decided not to conduct global tenders in government procurement up to Rs. 200 crore. In some ways, this is similar to your reservation. You must demonstrate by doing anything that the government must prohibit worldwide tendering in government procurement up to 500 crore”.
According to the June 2021 announcement from the World Bank, RAMP aims to enhance the performance of 5.55 lakh MSMEs. In March of this year, the Cabinet issued a statement stating that an apex National MSME Council led by the Minister for MSME will oversee RAMP’s monitoring and policy overview. During the occasion, the prime minister also inaugurated the “Capacity Building of First-Time MSME Exporters” (CBFTE) program and new measures of the “Prime Minister’s Employment Generation Programme” (PMEGP).
The ‘Capacity Building of First-Time MSME Exporters’ (CBFTE) program seeks to promote MSMEs to deliver products and services that adhere to international standards in the global market. This would increase Indian MSMEs’ engagement in the global value chain and enable them to realize their export potential.
