In a significant move towards fostering sustainable practices and addressing critical issues faced by micro, small, and medium enterprises (MSMEs), Minister of Micro, Small and Medium Enterprises (MSME) Narayan Rane unveiled three pioneering sub-schemes under the existing RAMP (Raising and Accelerating MSME Productivity) programme. These initiatives aim to encourage the adoption of sustainable technology, promote circular economy projects, and tackle the persistent challenge of delayed payments.
1. MSE GIFT Scheme: Fostering Green Technology Adoption
- The MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme) is designed to propel enterprises towards adopting green technology.
- This scheme offers interest subvention and credit guarantee support to incentivize MSMEs in embracing environmentally friendly practices.
- The MSE GIFT Scheme is poised to play a crucial role in aligning businesses with sustainable practices, reflecting the government’s commitment to a greener and more sustainable future.
2. MSE SPICE Scheme: Pioneering Circular Economy Projects
- A groundbreaking initiative, the MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme), marks the government’s first-ever support for circular economy projects.
- Through credit subsidy and other forms of support, this scheme aims to drive MSMEs towards achieving zero emissions by 2070.
- The MSE SPICE Scheme stands as a testament to the government’s dedication to fostering environmentally conscious practices within the MSME sector.
3. MSE Scheme on Online Dispute Resolution: Addressing Delayed Payments
- In a move to modernize dispute resolution processes, the MSME Ministry introduced the MSE Scheme on Online Dispute Resolution for Delayed Payments.
- This pioneering scheme synergizes legal support with modern IT tools and artificial intelligence to expedite the resolution of delayed payments for micro and small enterprises.
- This innovative approach aligns with the government’s commitment to leveraging technology for efficient governance and dispute resolution.
RAMP’s Key Objectives: A Comprehensive Approach
- These sub-schemes were launched under the (Raising and Accelerating MSME Performance) RAMP program. RAMP’s primary objectives include accelerating center-state collaboration and enhancing existing technology upgrade schemes.
- The program also aims to strengthen receivable financing markets and promote green initiatives within Micro and Small Enterprises (MSEs).
- The program also focuses on promoting green initiatives and reducing instances of delayed payments in the MSME sector.
Additional Initiatives for MSMEs
- In tandem with the launch of the sub-schemes, the MSME Ministry announced new initiatives under existing schemes.
- The Support for the Commercialisation of the IP Programme (MSME – SCIP Programme) provides MSME innovators with the support needed to commercialize their intellectual property rights.
- Furthermore, the ZED scheme, promoting manufacturing with minimal environmental impact, has been made free for women-led MSMEs, with the government guaranteeing 100% financial support for certification costs.
National MSME Council Meeting
- The schemes were officially launched during the 2nd meeting of the National MSME Council, chaired by Minister Narayan Rane.
- During the meeting, Minister Rane called upon all states and union territories to actively contribute to the promotion and development of the MSME sector, emphasizing the critical role played by these enterprises in the country’s economic landscape.
- MSME Ministry introduces three sub-schemes under RAMP for sustainable technology, circular economy, and addressing delayed payments.
- MSE GIFT Scheme encourages green technology adoption with interest subvention and credit guarantee support.
- MSE SPICE Scheme supports circular economy projects through credit subsidy, aiming for zero emissions by 2070.
- Innovative MSE Scheme on Online Dispute Resolution utilizes modern IT tools and AI to address delayed payments.
- Additional initiatives include free ZED scheme for women-led MSMEs and 100% financial support for certification costs.