PM MODI LAUNCHES NEW SCHEME TO BOOST MSME SECTOR
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 businesses (MSME) market. Raising and Accelerating MSME Performance, or RAMP plan, would be executed in conjunction with World Bank with an investment of 6,000 crore over five years with the goal of expanding implementation capability and coverage of MSMEs in states.
The CBFTE programme, 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 will increase the participation of Indian MSMEs in the global value chain and assist them in realising their export potential.
The government claims that the programmes will support the “Aatmanirbhar Bharat Abhiyan” by fostering innovation, encouraging ideation, incubating new businesses, and promoting entrepreneurship through the creation of quality standards, the improvement of practises and procedures, the expansion of market access, the use of technological tools, and the adoption of “Industry 4.0” to make MSMEs competitive and self-sufficient.
The Prime Minister also unveiled new components of the “Prime Minister’s Employment Generation Programme” (PMEGP), which would help the MSME sector grow, during the launch ceremony. Additionally, he digitally transmitted aid to PMEGP recipients for 2022–2023. Speaking at the programme, Modi said that “Aatmanirbhar Bharat” will be greatly aided by the efforts of MSMEs. He emphasised the need of a robust MSME sector in India for raising exports and expanding the market reach of Indian goods.
He also added that our administration is making decisions and new policies with your skill 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 MSME. According to him, the government has boosted the funding allotted for 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 made the choice to protect small businesses throughout the epidemic and offer them fresh life.
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. The government, according to the prime minister, is taking steps to support MSME export growth. He said that “Pradhanmantri Rozgar Srijan Karykram” 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 employment since 2014.
According to him, these businesses received a margin money subsidy total Rs. 14,000 crores during this time.
It is important that the government of a country understand the pulse points of the economy such that proper steps can be taken for motivating them and improving their performance. The Government of India’s new step through this scheme would help the Indian economy and MSME players in the same.