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PM Modi Launches 'Raising & Accelerating MSME Performance' Scheme Today

The MSME sector accounts for nearly one-third of India's total GDP. Strengthening the MSME sector strengthens the entire society, making everyone a beneficiary of development. As a result, he stated, this sector is one of the government's top priorities.

Shivam Dwivedi
Narendra Modi, Prime Minister of India
Narendra Modi, Prime Minister of India

Prime Minister, Narendra Modi, took part in the 'Udyami Bharat' programme today, where he announced key initiatives such as the 'Raising and Accelerating MSME Performance' (RAMP) scheme, the 'Capacity Building of First-Time MSME Exporters' (CBFTE) scheme, and new features of the 'Prime Minister's Employment Generation Programme' (PMEGP) to boost the MSME sector.

He also announced the results of the MSME Idea Hackathon 2022, distributed National MSME Awards 2022, and issued Digital Equity Certificates to 75 MSMEs in Self-Reliant India (SRI) Fund. Union Ministers Narayan Rane and Bhanu Pratap Singh Varma were among those present, as were MSME stakeholders from across the country and diplomats from various countries.

In his address to the gathering, Prime Minister Narendra Modi stated that MSME India's efforts will be a key driver of Aatmnirbhar Bharat. He stated that whatever heights India will reach in the twenty-first century will be determined by the success of the MSME sector. He emphasized the importance of India's MSME sector in increasing exports and allowing Indian products to reach new markets.

"Our government is making decisions and developing new policies with your ability and the enormous potential of this sector in mind," he added. He stated that the initiatives launched today, as well as other government initiatives, are related to the quality and promotion of MSME.

The Prime Minister stated that when we say MSME, we mean Micro, Small, and Medium Enterprises in technical terms. However, micro, small, and medium enterprises are a critical component of India's growth strategy. The MSME sector accounts for nearly one-third of India's total GDP. Strengthening the MSME sector strengthens the entire society, making everyone a beneficiary of development. As a result, he stated, this sector is one of the government's top priorities.

The government has increased its budget allocation for the MSME sector by more than 650 percent in the last eight years, according to the Prime Minister. "MSME" stands for "Maximum Support to Micro, Small, and Medium Enterprises" in the Prime Minister's words.

Noting that the sector employs more than 11 crore people, the Prime Minister stated that MSME is critical for job creation. During the pandemic, the government decided to save and strengthen small businesses. The central government has guaranteed Rs 3.5 lakh crore for MSMEs under the Emergency Credit Line Guarantee Scheme, he said. According to a report, this resulted in the saving of approximately 1.5 crore jobs, the Prime Minister stated. He stated that MSME is a major medium for achieving India's independence pledges of 'Amrit Kaal.'

Modi recalled a time when previous governments did not recognise the sector's importance and shackled it by enacting policies that kept small businesses small. The definition of MSME was changed to address this. The Prime Minister stated that if any industry wishes to grow and expand, the government will not only support it but will also make necessary policy changes.

The Prime Minister stated that MSME has a very strong platform in GeM to provide goods and services to the government. He requested that every MSME register on the GeM portal. Similarly, prohibiting global tenders for projects with a value of less than 200 crore will benefit the MSME.

According to the Prime Minister, the government is taking steps to assist MSME in increasing exports. The Indian Mission in the United States has been directed to investigate this matter. The Prime Minister stated that the Missions are being assessed based on three criteria: trade, technology, and tourism.

The Prime Minister stated that Pradhanmantri Rozgar Srijan Karykram was restructured after 2014 because it was unable to meet its objectives between 2008 and 2012. This programme has resulted in the creation of over 40 lakh jobs since 2014. During this time, these businesses received margin money subsidies totaling 14 thousand crore rupees. He also stated that the cost limit for products covered by this scheme has been raised.

In terms of inclusive development, the Prime Minister stated that transgender entrepreneurs are given every assistance to achieve their goals. The Prime Minister stated that the turnover of Khadi and Village Industries has now surpassed Rs 1 lakh crore for the first time. "This is because our small entrepreneurs in the villages and our sisters worked extremely hard." Khadi sales have increased fourfold in the last eight years."

According to the Prime Minister, the difficulty in obtaining loans without guarantees is a major impediment to vulnerable sections of society pursuing the path of entrepreneurship. In 2014, the decision was made to broaden the scope of entrepreneurship through Sabka Sath, Sabka Vikas, Sabka Vishwas, and Sabka Prayas. Mudra Yojana, he believes, will play a significant role in making entrepreneurship accessible to all Indians. This scheme of bank loans with no guarantee has resulted in a large number of women, Dalit, backward, and tribal entrepreneurs in the country. So far, approximately Rs 19 lakh crore has been loaned under this scheme.

He added that among the borrowers are approximately 7 crore such entrepreneurs who have started an enterprise for the first time and have become new entrepreneurs. He also mentioned that more than 18% of those registered on the Udyam Portal are women entrepreneurs. "This inclusiveness in entrepreneurship, this economic inclusion is true social justice," he said.

"Today, through this programme, I assure all my brothers and sisters in the MSME sector that the government is committed to making policies that meet your needs and walking pro-actively with you.” “Every achievement of an entrepreneurial India will lead us to self-sufficiency. I have faith in you and your abilities,” the Prime Minister concluded.

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