Two programmes were introduced by the Prime Minister on Thursday, 14th July 2022, to aid in the expansion of the micro, small, and medium-sized enterprises (MSME) market. The Raising and Accelerating MSME Performance (RAMP) plan would be executed in conjunction with the World Bank, with an investment of ₹ 6,000 crore over five years, aiming to expand the implementation capability and coverage of MSME registration in states.
The CBFTE program, which stands for “Capacity Building of First-Time MSME Exporters,” intends to incentivize MSMEs to provide goods and services of high international standards for the worldwide market. According to a formal statement, this initiative is expected to increase the participation of Indian MSMEs in the global value chain and help them realize their full export potential.
The government claims that the programs will support “the “Aatmanirbhar Bharat Ab “iyan” by fostering innovation, encouraging ideation, incubating new businesses, and promoting entrepreneurship through the creation of quality standards, the improvement of practices and procedures, the expansion of market access, the use of technological tools, and the adoptio” of “Industr” 4.0″ to make MSMEs competitive and self-sufficient.
The Prime Minister also unveiled new components of “the Prime Minister’s Employment Generation Program” (PMEGP), which would help the MSME sector grow, during the launch ceremony. Additionally, he digitally transmitted aid to PMEGP recipients for the 2022–2023 period. Speaking at the program, Modi said, “Aatmanirbhar Bharat” will be significantly aided by the efforts of MSMEs. He emphasized the need for a robust MSME sector in India to raise exports and expand the market reach of Indian goods.
He also added that our administration is making decisions and new policies with your skills and the enormous potential of this industry in mind. He said that the government’s earlier initiatives and the Thursday-launched activities are related to the quality and promotion of MSMEs. According to him, the government has increased the funding allocated to the MSME sector by more than 650 percent over the past eight years in an effort to improve it.
The Prime Minister stated that the MSME sector is essential for creating jobs because it employs more than 11 crore people. The government chose to protect small businesses throughout the epidemic and offer them a fresh start.
He used a study to support his claim that the Emergency Credit Line Guarantee Scheme’s advantages had helped to save roughly 1.5 crore jobs.
Modi urged MSMEs to register on the GeM site, noting that they now have a solid platform through GeM to provide goods and services to the government. According to the prime minister, the government is taking steps to support MSME export growth. He said “hat “Pradhanmantri Rozgar Srijan Kar “kram” underwent a redesign after 2014 since it failed to meet its objectives from 2008 to 2012. According to him, the initiative has generated over 40 lakh jobs since its inception in 2014.
According to him, these businesses received a margin money subsidy of Rs. 14,000 crores during this time.
The government of a country must understand the key economic indicators, so that proper steps can be taken to motivate them and improve their performance. India’s new step through this scheme will benefit both the Indian economy and MSME players.
