PM Modi inaugurates 'Raising & Accelerating MSME Performance' scheme

Prime Minister Narendra Modi on Thursday inaugurated the 'Raising and Accelerating MSME Performance' scheme at Vigyan Bhawan in the national capital.

According to Prime Minister's Office (PMO), the scheme has outlay of around Rs 6,000 crore.

The scheme aims to scale up the implementation capacity and coverage of Medium Small and Micro Enterprises (MSME)in the states, with impact enhancement of existing MSME schemes.

It will complement the Aatmanirbhar Bharat Abhiyan 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 and self-reliant.

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

'Prime Minister's Employment Generation Program 'include 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. Also, handholding support is being provided to applicants/entrepreneurs through the engagement of banking, technical and marketing experts.

The Prime Minister also digitally transferred assistance to beneficiaries of PMEGP for 2022-23.

'Udyami Bharat' is reflective of the continuous commitment of the government, right from day one, to work towards the empowerment of MSMEs.

The government has launched several initiatives from time to time like MUDRA Yojana, Emergency Credit Line Guarantee Scheme, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to provide necessary and timely support to the MSME sector, which has helped benefit crores of people across the country.

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 incubatee ideas will be provided funding support of up to Rs 15 lakhs per approved idea.

Prime Minister also distributed the National MSME Awards 2022.

The award is a recognition of the contributions of MSMEs, States/UTs, aspirational districts and banks for their outstanding performance in the growth and development of India's dynamic MSME sector.