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PM Modi rolls out Rs 6,000 crore RAMP scheme for big push to micro and small enterprises

Narendra Modi addressing at the ‘Udyami Bharat’ programme.

Prime Minister Narendra Modi on Thursday rolled out a Rs 6,062 crore scheme to give a big push to micro and small scale enterprises in the country that come under the MSME sector.

Unveiling the scheme at the 'Udyami Bharat' programme held at Vigyan Bhawan today, the Prime Minister said the 'Raising and Accelerating MSME Performance' (RAMP) scheme will give a fillip to the Micro Small and Medium Enterprises sector which accounts for almost one-third of India's economy.

He said the scheme aims to scale up the implementation capacity and coverage of MSMEs in the states, and will enhance the capacity of existing schemes.

“It will complement the 'Atmanirbhar Bharat' or self-reliant India 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,” PM Modi explained.

As India's exports increase continuously, it is very important for the country's MSME sector to be strong and their products reach new markets, he said.

"Our government is taking decisions, making new policies keeping in mind your ability, the immense potential of this sector," he added.

To strengthen the sector, the government has increased the Budget outlay by more than 650 percent in the last eight years, he further said.

Talking about the achievements of the Khadi and Village Industries, he said that the khadi industry's turnover has crossed Rs 1 lakh crore.

"This has been possible because our small entrepreneurs in the villages, our sisters have worked very hard. Khadi sales have increased 4 times in the last 8 years," PM Modi added.

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

It includes 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.

Handholding support is also being provided to applicants/entrepreneurs through the engagement of banking, technical and marketing experts.

During the event, PM Modi also announced the results of the MSME Idea Hackathon, 2022.

Launched on March 10 this year, this Hackathon is aimed at promoting and supporting the untapped creativity of individuals, promoting the adoption of the latest technologies and innovation among MSMEs. The selected incubated ideas will be provided funding support of up to Rs 15 lakhs per approved idea.

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