MSME Ministry launches 3 sub-schemes under RAMP Program : makes ZED scheme free for women
MSME Ministry has launched three sub-schemes under RAMP program.
In a remarkable move towards promoting sustainable practices and addressing critical issues faced by MSMEs ( micro, small, and medium enterprises ), Minister Of MSME Narayan Rane on December, 20 launched three sub-schemes under the ministry’s existing RAMP ( Raising and Accelerating MSME Productivity) program. These schemes will encourage the adoption of sustainable technology in business, boost the circular of economy and solve delayed payments issue.
National MSME Council Meeting
On December 20, 2023 during 2nd meeting of the National MSME Council, chaired by MSME Minister Mr. Narayan Rane has launched three sub-schemes under the ministry’s existing RAMP Program.
During the meeting, Minister Rane called upon all states and union territories to actively contribute to the promotion and development of the MSME sector, focusing the critical role played by these MSME enterprises in the country’s economic zone.
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1. MSE GIFT Scheme: Promoting Green Technology Adoption
MSE GIFT Scheme ( Green Investment and financing for Transformation scheme) will help enterprises adopt green technology with interest subvention.
The scheme offers interest subvention and credit guarantee support to incentivize MSMEs in embracing environment friendly practices.
This scheme is composed to play a important role in aligning businesses with sustainable technology, reflecting the government’s commitment for a green and sustainable future.
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2. MSE SPICE Scheme: Introducing Circular Economy Projects
MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) is the government’s first ever support for circular economy projects.
By credit subsidy and other support MSME sector focuses towards Zero emission by 2070.
The MSE SPICE scheme stands as a proof of government’s dedication to nurturing environmentally concious practices within the MSME sector.
3. MSE Schemes On Online Dispute Resolution: Addressing Delayed Payments
This is a first-of-its kind scheme to synergize legal support with modern IT tools and Artificial intelligence in order to address the issue of delayed payments for micro and small enterprises (MSME).
This innovative approach aligns with the government’s commitment to leveraging technology for efficient governance and dispute resolution.
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RAMP’s Main Objectives
- These schemes were launched under Raising and Accelerating MSME Performance – RAMP program. RAMP’s main objectives is accelerating center-state Partnership and upgrade existing technology to strengthen schemes.
- The program also focuses to build up financing markets and promote green initiatives within Micro and Small Enterprises.
- The Program also aims on green initiatives and address the issue of delayed payments for micro and small enterprises (MSME).
Other Initiatives For MSMEs
- With the launch of the sub-schemes, the MSME Ministry also announced new initiatives under existing schemes.
- The Support for the Commercialization of IP Program( MSME- SCIP program) provides MSME innovators with the support required to commercialize their intellectual property rights.
- The ZED scheme, promotes manufacturing with minimal environmental impact, has been made free for women-led MSMEs, with the government guarantee 100% financial support.
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Conclusion
MSME Ministry introduces above three sub-schemes under RAMP for sustainable technology, circular economy, and addressing delayed payments. MSE GIFT Scheme promotes green technology adoption with interest subvention and credit guarantee support.
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