New Delhi: Prime Minister Narendra Modi on Thursday said micro, small and medium enterprises are a big pillar of India’s growth journey, as they together account for nearly one-third of the country’s economy. Expansion in technical language for Micro, Small and Medium Enterprises. But these micro, small and medium enterprises are a big pillar of India’s growth journey. The MSME sector accounts for almost a third of India’s economy,” PM Modi said.
PM made this remark during the inauguration of Rs 6,062.45 crore `Enhancing and Accelerating MSME Performance` (RAMP) Scheme for MSMEs at the `Udyami Bharat` program held at Vigyan Bhawan in the national capital.
The objective of the said scheme is to increase the implementation capacity and coverage MSMEs in the States, with the increase in the effect of existing schemes. The scheme has an outlay of around Rs 6,000 crore. It will complement ‘Atmanirbhar Bharat’ or self-reliant India by promoting innovation, encouraging thought, developing quality standards, improving practices and processes, increasing market access, promoting new business and entrepreneurship by deploying Technological tools and `Industry 4.0` to make MSMEs competitive.
He said that India’s exports are increasing continuously, in such a situation it is very important for the country’s MSME sector to be strong and their products to reach new markets. The potential of this area,” he said.
He further said that in order to strengthen this sector, the government has increased the budget outlay by more than 650 per cent in the last eight years.
Talking about the achievements of Khadi and Village Industries, he said that the turnover of Khadi Industry has crossed one lakh crore rupees. There has been a 4-fold increase in the last 8 years,” PM Modi said.
Apart from this, Modi also inaugurated the ‘Capacity Building of MSME Exporters’ scheme for the first time and new facilities of ‘Prime Minister’s Employment Generation Program’ (PMEG). This includes an increase of Rs 50 lakh in the maximum project cost. 25 lakh for manufacturing sector) and Rs 20 lakh (from Rs 10 lakh) in the service sector and inclusion of applicants from aspirational districts and transgenders in special category applicants to receive higher subsidy.
Also, assistance is being provided to the applicants/entrepreneurs through appointment of banking, technical and marketing experts.
During the event, PM Modi also announced the results of MSME Idea Hackathon, 2022. Launched on 10th March this year, the hackathon aims to promote and support the untapped creativity of individuals, adoption of latest technologies and fostering innovation among MSMEs. , The selected incubated idea will be provided funding support of up to Rs 15 lakh per approved idea.