Categories: Business

World Bank approves $500 mn program to help boost India’s MSME sector

The World Bank’s Board of Executive Directors has approved a USD 500 million programs to support India’s nationwide initiative to revitalise the MSME sector, which has been heavily impacted by the COVID-19 crisis. The MSME sector is the backbone of India’s economy, contributing 30% of India’s GDP and 4% of exports.

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The USD 500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is the World Bank’s second intervention in this sector, the first being the USD 750 million MSME Emergency Response Program, approved in July 2020 to address the immediate liquidity and credit needs of millions of viable MSMEs severely impacted by the ongoing COVID-19 pandemic.

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Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.