The World Bank has approved a USD 500 million programme to assist in the growth of India's MSME sector.
14 June 2021 Current Affairs:The World Bank has approved a USD 500 million programme to assist in the growth of India's MSME sector. The programme is known as the Raising and Accelerating Micro, Small, and Medium Enterprise (MSME) Performance (RAMP) Program.
This is the World Bank's second investment in this sector. The USD 750 million MSME Emergency Response Program was the first intervention.
Highlights:
♦ The programme aims to improve the performance of 5.5 lakh MSMEs.
♦ It is expected to raise USD 15.5 billion in financing as part of the government's USD 3.4 billion MSME Competitiveness – A Post-COVID Resilience and Recovery Program (MCRRP).
♦ It will improve MSMEs' access to finance and working capital by strengthening financing markets
♦ It will also expand online dispute resolution mechanisms to address the issue of late payments.
This is the World Bank's second investment in this sector. The USD 750 million MSME Emergency Response Program was the first intervention.
Highlights:
♦ The programme aims to improve the performance of 5.5 lakh MSMEs.
♦ It is expected to raise USD 15.5 billion in financing as part of the government's USD 3.4 billion MSME Competitiveness – A Post-COVID Resilience and Recovery Program (MCRRP).
♦ It will improve MSMEs' access to finance and working capital by strengthening financing markets
♦ It will also expand online dispute resolution mechanisms to address the issue of late payments.