PM Modi launched new schemes to strengthen manufacturing industries
Prime Minister Narendra Modi on June 30 launched new schemes to strengthen manufacturing industries. At Vigyan Bhawan in New Delhi, PM Modi launched the Capacity Building of First-Time MSME Exporters (CBFTE) scheme, the Raising and Accelerating MSME Performance (RAMP) scheme, and announced new features of the Prime Minister’s Employment Generation Programme (PMEGP) to boost manufacturing industries. The major highlight of the “Udyami Bharat” program was the Raising and Accelerating MSME Performance (RAMP) scheme having an outlay of INR 6,000 crore. Modi also informed that INR 500 crores had been digitally transferred to more than 18,000 manufacturing industries to make local products global. He urged all the MSMEs to register on the GeM portal to make the government able to buy their products online.
Raising and Accelerating MSME Performance (RAMP) scheme
The objective of the RAMP scheme is to boost the implementation capacity and coverage of manufacturing industries, with impact enhancement of existing MSME schemes. It will also support the Self-reliant India campaign by encouraging innovation, ideation, and incubating startups by improving quality standards, manufacturing practices, processes, technological tools, enhancing market access, and adopting 4.0 to make MSMEs self-reliant. RAMP is a World Bank-assisted Central Sector Scheme and it will address the generic and COVID related challenges in the MSME sector by way of impact enhancement of existing MSME schemes, especially, on the competitiveness front. Raising and Accelerating the MSME Performance scheme with an outlay of INR 6,000 crore will be a job enabler, finance facilitator, market promoter and will support vulnerable sections and greening initiatives. Further, the scheme will enhance technology up-gradation, digitization, quality enrichment, marketing promotion, skill development, etc. Apex national MSME Council headed by the Minister for MSME will monitor the performance of the RAMP scheme. The monetary support will be routed through Disbursement Linked Indicators (DLIs) to support the program including implementing the National MSME Reform Agenda, strengthening the receivable financing market for MSMEs, accelerating the MSME sector center-state collaboration, enhancing the effectiveness of the CGTMSE scheme, and reducing the incidence of delayed payments.
Capacity Building of First-Time MSME Exporters (CBFTE)
The objective of the CBFTE scheme is to encourage manufacturing industries to develop products of international standards to compete in global markets. This will help manufacturers to realize their export potential and participate in the global value chain. According to PM, Udyami Bharat shows the commitment of the government to empower MSMEs and remembered the initiatives launched by the government such as the Emergency Credit Line Guarantee Scheme, MUDRA Yojana, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) which have benefitted thousands of manufacturing industries. Capacity Building of First-Time MSME Exporters scheme will assist first-time exporters by easing the export process by providing monetary support and certification-related support to help MSMEs to aim global market irrespective of their product size. MSME’s share in India’s exports has been approximately 49% for the past few years and it exported USD 422 billion in 2022.
New Features of PMEGP :
The government has increased the maximum project cost from 25 lakhs to 50 lakhs for the manufacturing sector and from 10 lakhs to 20 lakhs for the service sector. Also, an opportunity has been given to transgenders to avail higher subsidies. Banking, technical, and marketing support also will be provided to applicants and entrepreneurs. He further added that the government has increased the Budget outlay by more than 650 percent in the last eight years to strengthen the sector.
More Boost To ELCGS scheme:
PM Modi has given a big boost to the Emergency Credit Line Guarantee Scheme by ensuring INR 3.5 lakh crore for manufacturing industries. ELCGS scheme has been extended up to March 2023 and the guarantee cover is to be expanded by INR 50,000 crore making the total cover to be INR 5 lakh crore. Through Revamped credit guarantee trust for the MSME scheme, additional credit of INR 2 lakh will be provided to manufacturing industries. The central government has till now provided additional credit to more than 130 lakh MSMEs to mitigate the adverse impact of the pandemic.
More About Udyami Bharat Event:
During the Udyami Bharat event, PM Modi also announced the results of the MSME Idea Hackathon launched on March 10 this year to promote and support untapped creativity of individuals, promoting technology upgradtion, skill development, and innovation among manufacturing industries. Financial assistance of up to INR 15 lakhs will be provided to the selected ideas pitched by entrepreneurs in the MSME idea hackathon. Prime Minister also distributed the National MSME Awards 2022 to appreciate the contributions of manufacturing industries, States, banks, and aspirational districts for their performance in the development and growth of the MSME sector in India. Additionally, Modi issued Digital Equity Certificate to 75 manufacturing industries in the Self-reliant fund.
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modi announced new schemes for MSME
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