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PM Modi launched 'Raising and Accelerating MSME Performance' scheme

by Rishika Choudhury

Date & Time: Jul 01, 2022 9:00 AM

Read Time: 2 minute

On June 30, Prime Minister Narendra Modi launched the 'Raising and Accelerating MSME Performance' scheme at Vigyan Bhawan in the national capital. According to Prime Minister's Office (PMO), the scheme has outlay of around Rs 6,000 crore.

The programme intends to expand MSME (Medium Small and Micro Enterprise) coverage and implementation ability in the states while maximising the benefits of already-existing MSME programmes.

In order to make MSMEs competitive and self-sufficient, it will complement the Aatmanirbhar Bharat Abhiyan by fostering innovation, encouraging ideation, and incubating new businesses and entrepreneurship. It will do this by creating quality standards, improving practices and procedures, enhancing market access, and implementing technological tools and Industry 4.0.

Other schemes inaugurated by PM Modi

Along with the RAMP scheme, PM Narendra Modi also inaugurated the 'Capacity Building of First-Time MSME Exporters' scheme and new features of the 'Prime Minister's Employment Generation Program' (PMEG).

Increase the maximum project cost

'Prime Minister's Employment Generation Program 'include an increase in the maximum project cost to Rs 50 lakh from Rs 25 lakh for the manufacturing sector and Rs 20 lakh from Rs 10 lakh in the service sector and the inclusion of applicants from aspirational districts and transgenders in the Special Category applicants for availing higher subsidies. Also, handholding support is being provided to applicants/entrepreneurs through the engagement of banking, technical and marketing experts.

The Prime Minister also digitally transferred assistance to beneficiaries of PMEGP for 2022-23. 'Udyami Bharat' is reflective of the continuous commitment of the government, right from day one, to work towards the empowerment of MSMEs.

Launched several initiatives to support MSME sector

The government has launched several initiatives from time to time like MUDRA Yojana, Emergency Credit Line Guarantee Scheme, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to provide necessary and timely support to the MSME sector, which has helped benefit crores of people across the country.

PM Modi also revealed the outcomes of the MSME Idea Hackathon, 2022, at the occasion. This Hackathon, which was established on March 10 in 2022, aims to encourage and support people's untapped creativity, the adoption of cutting-edge technologies, and innovation among MSMEs. Funding support for the accepted incubatee ideas would be given, up to a maximum of Rs 15 lakhs per idea.

Prime Minister also distributed the National MSME Awards 2022. The award is a recognition of the contributions of MSMEs, States/UTs, aspirational districts and banks for their outstanding performance in the growth and development of India's dynamic MSME sector.

Also Read: PM Modi launches NIRYAT Portal to Access Export Records and inaugurated Vanijya Bhawan

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