Prime Minister Modi Outlined Fresh Initiatives To Support Manufacturing Industries - By Egniol

Prime Minister Modi Outlined Fresh Initiatives To Support Manufacturing Industries

On June 30, Indian Prime Minister Narendra Modi unveiled a slew of new policies aimed at bolstering manufacturing industries in the country’s industrial sector. During a speech at New Delhi’s Vigyan Bhawan, Prime Minister Modi unveiled new initiatives to boost manufacturing industries, including the Capacity Building of First-Time MSME Exporters (CBFTE) programme and the Raising and Accelerating MSME Performance (RAMP) programme. Raising and Accelerating MSME Performance (RAMP) was the main focus of the “Udyami Bharat” programme, which had a budget of INR 6,000 crore. More than 18,000 industrial companies received a combined total of INR 500 crores in digital funds, according to Modi. For the government to buy their products online, he asked MSMEs to sign up for the GeM portal.

Raising and Accelerating MSME Performance (RAMP) scheme

The RAMP plan aims to improve the impact of existing MSME programmes while increasing manufacturing industry implementation capability and reach. This initiative will also help the Self-reliant India campaign by promoting innovation, ideation, and startup incubation by strengthening quality standards, manufacturing methods and procedures, technology tools, and enhancing market access, as well as adopting 4.0. By enhancing the impact of existing MSME initiatives, notably on the competitiveness front, RAMP aims to solve generic and COVID-related difficulties in India’s small and medium-sized enterprises (SMEs).

INR 6,000 crore will be used to raise and accelerate the MSME Performance programme to create jobs, provide access to capital, and encourage the growth of small and medium-sized enterprises (SMEs). Additional benefits include a boost to innovation, digitalization and quality improvement, as well as marketing support and talent development.

The performance of the RAMP programme will be monitored by the Minister for MSME’s Apex National MSME Council. In order to execute the National MSME Reform Agenda, improve the receivable finance market for MSMEs, accelerate the MSME sector center-state coordination and enhance CGTMSE’s effectiveness, the monetary support will be routed through Disbursement-Linked Indicators (DLIs).

Capacity Building of First-Time MSME Exporters (CBFTE)

Encourage manufacturing firms to create products that meet international standards so they can participate in global marketplaces is the goal of CBFTE. As a result, firms will be able to better tap into the worldwide market and increase their export potential. He said that Udyami Bharat demonstrates the government’s commitment to empowering MSMEs and recalled the government’s programmes like MUDRA Yojana, Emergency Credit Line Guarantee Scheme, and SFURTI, which have helped lakhs of manufacturing firms. MSME exporters that have never exported before would benefit from the Capacity Building of First Time MSME Exporters programme, which provides financial aid and certification support to enable MSMEs to enter the global market, regardless of their product size. In recent years, MSME exports have accounted for around 49% of India’s total exports, and that percentage is expected to rise to $422 billion in 2022.

New Features of PMEGP

Prime Minister Modi Outlined Fresh Initiatives To Support Manufacturing Industries - By Egniol

There has been an increase in both the industrial and service sector maximum project costs from 25 lakhs to 50 lakhs, courtesy of the government. In addition, transgenders have been granted the ability to apply for further financial aid. Applicants and entrepreneurs will also have access to banking, technical, and marketing assistance. To that end, the government has raised its spending on the industry by more than 650 percent in only eight years, says the official.

More Boost To ELCGS scheme

For manufacturing companies, PM Modi pledged INR 3.5 lakh crore under the Emergency Credit Line Guarantee Scheme. The ELCGS program’s guarantee coverage will be increased by INR 50,000 crore, bringing the total to INR 5 lakh crore by March 2023. An additional INR 2 lakh in credit would be made available to manufacturing industries and businesses as a result of the MSME scheme’s revised credit guarantee trust. More than 130 million small and medium-sized enterprises (SMEs) have received additional financing from the federal government to help offset the negative effects of the pandemic.

More About Udyami Bharat Event

Prime Minister Modi Outlined Fresh Initiatives To Support Manufacturing Industries - By Egniol

PM Modi also announced the results of this year’s MSME Idea Hackathon, which was started on March 10 to encourage and support the latent creativity of individuals and to foster technological upgradation, skill development, and innovation in manufacturing industries. Entrepreneurs participating in the MSME concept hackathon will have the opportunity to propose up to INR 15 lakhs in funding for their business plans. Prime Minister Narendra Modi also handed out the National MSME Awards 2022 to recognise the efforts of manufacturing industries and States, banks, and aspirational districts to the MSME sector’s development and growth in India. He also awarded Digital Equity Certificates to 75 industrial companies under the Self-reliant fund.

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