Cabinet Approves US $808 Million for Scheme To Improve MSME Performance

Union Cabinet

The Union Cabinet on Wednesday approved USD 808 million ( ₹6,062.45 crore) for a new World Bank-assisted scheme ‘Raising and Accelerating MSME Performance’ (RAMP).

The new scheme is expected to commence in the financial year 2022-23.

“The total outlay for the scheme is Rs. 6,062.45 crore or USD 808 Million, out of which Rs. 3750 crore or USD 500 Million would be a loan from the World Bank and the remaining Rs. 2312.45 crore or USD 308 Million would be funded by the Government of India,” said the cabinet.

The scheme aims at improving access to market and credit, strengthening central and state institutions & governance, improving centre-state linkages and partnerships, addressing issues of delayed payments and greening of MSMEs.

Moreover, the RAMP program will seek to scale up implementation capacity and MSME coverage in states.