PM Modi Hails World Bank’s USD 808 Million Funding To MSME

On 30 March 2022 the Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved  the  World Bank assisted Rs 6,062 crore funding programme for the small and medium businesses. PM Modi hailed the Cabinet decision to approve this programme and said the government is taking many steps to add new energy into the MSME sector and support local enterprise. The name of the programme is 'Raising and Accelerating MSM Performance' (RAMP) for the micro, small and medium enterprises (MSMEs).

"The MSME Sector is crucial for India's economic progress. Our government is taking many steps to add new energy into the sector and support local enterprise. Today's Cabinet decision is a step in this direction," PM Modi tweeted.

RAMP will commence in FY23 the report stated. Of the total outlay under the programme, Rs 3,750 crore (USD 500 million) will come from World Bank loan, and the remaining Rs 2,312.45 crore will be funded by the central government.

RAMP is a World Bank assisted Central Sector Scheme, supporting various COVID Resilience and Recovery Interventions of the Ministry of Micro, Small and Medium Enterprises.

The programme aims at improving access to market and credit, strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships, addressing issues of delayed payments and greening of MSMEs.

It will also seek to scale up implementation capacity and MSME coverage in States. The Cabinet Committee on Economic Affairs CCEA today approved the time extension of three years to identify 10 provisional mega certified projects for furnishing the final mega certificates to the tax authorities.

Extension of time period for furnishing the final mega certificate will enable developers to competitively bid for future PPAs and get tax exemptions as per Policy terms. The increased liquidity will boost the overall growth of the country and also ensure the revival of various stressed power assets.

The time period for the 10 provisional mega projects which are commissioned or partly commissioned for furnishing the final mega certificates to the tax authorities has been extended to 13 years instead of 10 years from the date of import.