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PM launches schemes to strengthen MSME sector

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PM launches schemes to strengthen MSME sector

Recently the Prime Minister has participated in the “Udyami Bharat” program. During this program he has initiated many important initiatives for Micro, Small and Medium Enterprises (MSMEs).

It may be noted that the MSME sector contributes about 30% to the GDP of India. The sector contributes 48% to exports from India and over 45% of manufacturing output.

There are about 6.34 crore micro, small and medium enterprises in the country. These create 11.1 crore jobs.

Major Schemes Launched

  • Rising and Accelerating MSME Performance (RAMP) Scheme: It has been launched to enhance the implementation capacity and coverage of MSMEs. At the same time, it will also increase the sphere of influence of the existing MSME schemes. This scheme will complement the self-reliant India campaign by promoting innovation, encouraging new thinking and promoting new business and entrepreneurship.
  • Capacity Building of First-Time MSME Exporters (CBFTE) Scheme: It will encourage MSMEs to provide products and services of international standards. This will increase the participation of Indian MSMEs in the global value chain. Also, it will help them to make full use of their export potential.

New provisions in the Prime Minister Employment Generation Programme (PMEGP):

  • The maximum project cost for the manufacturing sector has been increased from Rs. 25 lakh to Rs. 50 lakh. In the service sector, it has been increased from Rs. 10 lakh to Rs. 20 lakh.
  • Applicants from aspirational districts and transgender community have been included in the special category applicants to avail more subsidies.
  • PMEGP will provide employment opportunities to unemployed youth by assisting in setting up of micro enterprises in the non-farm sector. Khadi and Village Industries Commission (KVIC) will be its nodal agency.

Other related headlines-

  • Skill certificates have been provided to about 140 tribal youths who are converted as village engineers under Rural Tribal Technical Training or Rural Entrepreneur. This scheme is a pilot project for skilling tribal youth.
  • Under Parliamentary Cluster Project, pilot project has been started in many states like Madhya Pradesh, Chhattisgarh, Odisha etc.

Source – The Hindu

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