Covid-hit MSMEs get Rs 6,062-crore booster
The Cabinet has approved a $808-million (Rs 6,062-crore) support to revitalise Covid-hit micro, small and medium enterprises (MSMEs) through a programme backed by the World Bank. Of the total assistance, Rs 3,750 crore ($500 million) will be in the form of a loan from the World Bank and Rs 2,312 crore will be provided by the government.
The support for the Raising and Accelerating MSME Performance (RAMP) programme, announced in Budget for FY23, will be extended over five years.
The programme aims at improving access of MSMEs to market and credit while bolstering institutions and governance related to the small businesses at the central and state levels.
An official statement after the Cabinet meeting suggests RAMP will address the generic and Covid-related challenges being faced by MSMEs by enhancing the impact of existing schemes for such entities and improving their competitiveness. FE
