This has been stipulated as one of the objectives of the World Bank-assisted program on Improving and Accelerating the Performance of MSMEs (RAMP), Ateesh Kumar Singh, joint secretary at the Ministry of MSMEs, told ET.
RAMP, which was approved by cabinet on Wednesday, which is expected to start in the 2022-23 financial year. The total expenditure for the program is Rs 6,062.45 crores, of which Rs 3,750 crores would be a loan from the World Bank and the remaining Rs 2,312.45 crores would be funded by the center.
The RAMP program will also finance Rs 2,200 crores for technology upgrading needs of MSMEs, Rs 1,870 crores for SIP and state investments, and Rs 647 crores for market promotion schemes.
“The program aims to improve access to market and credit, to strengthen institutions and governance at the Center and at the State, to improve links and partnerships between the Center and the State, to solve the problems of payment delays and greening of MSMEs,” Singh said.
The program will also seek to increase implementation capacity and coverage of MSMEs in states, he added.
According to Singh, the program expenditures will be used to strengthen existing programs run by the Ministry of MSMEs.
An MSME council headed by the Ministry of MSMEs and with representation from all state governments will be formed under this program. This council should be formed in the next two to three months.
A “portal of portals”, aiming to link all existing portals where MSMEs are registered, will also be developed under the RAMP programme. “The National e-Governance Division (NeGD) will complete the creation of this portal within the next 7-8 months,” Singh said.