Ramp Scheme for MSMEs
A Ramp scheme is basically a Raising and Accelerating MSME Performance scheme that the Union Cabinet has recently approved. Currently, it is set to be launched within the financial year 2022 – 2023. The scheme is actually a World Bank-assisted scheme launched to support the various CoronaVirus Disease 2019 (Covid) Resilience and Recovery Interventions of the Ministry of Micro, Small and Medium Enterprises (MSME).
This programme is set to be launched over a period of 5 years where the total outlay for the scheme will be ₹6,062.45 crore or USD 808 Million. Out of this amount, the ₹3750 crore is supposed to be a loan from the World Bank. On the other hand, the remaining amount is supposed to be funded by the Government of India.
Components of the Ramp Scheme
An important component of the Ramp scheme is the preparation of Strategic Investment Plans (SIPs). This is something that includes all of the union territories as well as states which will be duly invited. These SIPs will have an outreach plan required for the identification and mobilization of MSMEs under it. This will also help identify the key constraints and gaps and assist with setting various milestones. They will also be able to anticipate the budgets required for the interventions within the private sectors such as village and cottage industries, renewable energy, wholesale and retail trade, rural & non-farm business, women enterprises and many more.
When it comes to monitoring and overseeing the programme, an apex National MSME Council will be responsible. This council will be in the leadership of the Minister for MSME. It will also enjoy representation from numerous ministries and a secretariat’s support.
Benefits of the Ramp Scheme
As far as the launch of the Ramp scheme is concerned, it offers various benefits. Some of those benefits are:
- Employment Generation
One of the best things about the Ramp Programme is the fact that it will be a significant job enabler. Now, regarding the many downsides within the MSME sector, getting jobs is a major challenge. This is where the Ramp Programme will play its main role and ensure that it plays the role of market promoter and finance facilitator. It will also support various greening initiatives and some of the most vulnerable sectors of the sector.
- Focus on the Challenges Faced by the MSME Sector
There are various challenges that the MSME Sector faces. And post-Covid, it has only gotten worse. And so, the Ramp programme will focus on the MSME sector and ensure an enhancement in the current MSME schemes.
- Address Blocks
The Ramp programme is designed in such a way that it will only bolster the blocks in the various arenas that the MSME sector is currently experiencing. It will be paying attention to hurdles faced when it comes to handholding, technological upgradation, skill development, capacity building, outreach and marketing promotion, digitization, quality enrichment, etc.
- Goes with the Atmanirbhar Bharat Mission
RAMP is such a programme that seems to be complimenting the Atmanirbhar Bharat mission well. It is a great initiative to offer enhancement in terms of industry standards and technological inputs, along with the current practices in play within the MSME sector. It will only be fruitful for all in the MSME sector to be self-dependent and efficient for themselves, whether we talk about individuals or businesses.
The RAMP scheme has been planned out with a lot of brainstorming and keeping in mind the well-being of the MSME sector and those affiliated with it. One can easily expect there to be clear outcomes out of it. From the time it is implemented in the year 2022, there will be a much more defined approach to all the other schemes it will focus on. The scheme will be of great health not only when it comes to hand-holding, capacity building, skill development, digitization, technological upgradation, and many other things.
There are numerous ambitious goals that this 5-year scheme brings. Along with those goals are the hopes of actually getting them to fruition. This is how the authorities are looking forward to actually attaining them. After all, it can all be possible with adequate planning and a much-needed implementation strategy. With these two things in place, one can assume to achieve the measurable targets. In order to get effective results from the RAMP programme, it will be only wise to measure all the targets from time to time to see if the targets are getting achieved or not. If not, one can only hope to make the necessary adjustments to get the desired results.
The strengthening and revamping of the MSME industrial sector clusters is something that needs to be paid attention to. These industrial clusters play a big role when it comes to the success of the MSME sector. The rehabilitation and the development of the sector is one thing that guarantees prominence within the Strategic Development Plan of the states, which are assisted by the RAMP programme.
Various schemes for the numerous sectors need to be focused upon. However, there are a few targeted interventions, thanks to the RAMP programme, which are required to get things on track and benefit everyone. One benefit of this programme is the fact that it will help in the overall boost of the ecosystem of the MSME sector. With improved mechanisms and the quality and efficiency within the sector, it is only fair that there are a few advantages all the people involved within this sector will get. On top of that, the programme is also better for coordinating the states and the centres.
Ramp Scheme FAQs:
1. Which industry is the RAMP scheme the most beneficial for?
2. Whose jurisdiction does the RAMP scheme come under?
3. Who can apply for the MSME registration currently?
4. Which type of program is the RAMP scheme?
5. What types of challenges will the RAMP scheme address?
6. What will be the duration of the RAMP scheme?
7. Will the RAMP programme support any other schemes?
8. When is the RAMP programme supposed to be launched?
9. How much has the World Bank approved to strengthen the MSME Sector via the RAMP programme?
10. How will the RAMP Scheme be launched?
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