MSME Minister Narayan Rane on Wednesday launched three sub-schemes under the ministry’s existing RAMP ((Raising and Accelerating MSME Productivity) programme to encourage the adoption of sustainable technology in business, boost the circular economy and address delayed payments issue.
The MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme) will help enterprises adopt green technology with interest subvention and credit guarantee support while the MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) is the first-ever scheme in the government to support circular economy projects which will be done through credit subsidy and support MSME sector towards zero emissions by 2070, the ministry said in a statement.
The key objectives of RAMP are to accelerate centre-state collaboration inMSMEpromotion and development, enhance the effectiveness of existing schemes of the MSME Ministry for technology upgradation, strengthen the receivable financing market for MSMEs, enhance the effectiveness of CGTMSE, promote guarantee for greening initiatives of MSEs and women-owned MSEs, and reduce cases of delayed payments to MSEs.
The ministry said it is also launching new initiatives under its existing schemes for MSMEs. For instance, Support for the Commercialisation of the IP Programme (MSME – SCIP Programme) for MSME innovators to commercialize their intellectual property rights.
Moreover, the ZED scheme of the ministry, which aims to promote manufacturing without any negative impact on the environment, has now been made completely free for women-led MSMEs. In addition, the government will guarantee payment of 100 per cent financial support for the certification cost under the scheme.
The schemes were launched during the 2ndmeeting of the National MSME Council chaired by Rane. The minister asked all states and union territories to work towards the promotion and development of the MSME sector.
Subscribe to Financial Express SME (FE Aspire) newsletter now: Your weekly dose of news, views, and updates from the world of micro, small, and medium enterprises