PM to launch several schemes on June 30 to ramp up MSME sector

Prime Minister will launch the 'Raising and Accelerating MSME Performance' (RAMP) scheme, with an outlay of around Rs 6,000 crore. Government has launched several initiatives from time to time like MUDRA Yojana, Emergency Credit Line Guarantee Scheme, Scheme of Fund for Regeneration of Traditional Industries (SFURTI) etc to provide necessary and timely support to the MSME sector, which has helped benefit crores of people across the country," the Prime Minister's Office (PMO) said in statement.

"It aims to scale up the implementation capacity and coverage of MSMEs in the states, with impact enhancement of existing MSME schemes. It will complement the Aatmanirbhar Bharat Abhiyan by fostering innovation, encouraging ideation, incubating new business and entrepreneurship by developing quality standards, improving practices and processes, enhancing market access, deploying technological tools and Industry 4.0 to make MSMEs competitive and self-reliant," the statement said. The Prime Minister will launch the 'Capacity Building of First-Time MSME Exporters' (CBFTE) scheme, which aims to encourage MSMEs to offer products and services of international standards for the global market.

Modi will also launch new features of the PMEGP which include increase in the maximum project cost to Rs 50 lakh (from Rs 25 lakh) for manufacturing sector and Rs 20 lakh (from Rs 10 lakh) in the service sector and inclusion of applicants from aspirational districts and transgenders in the special category applicants for availing higher subsidies. Prime Minister will also distribute 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.