Last month, the Union Ministry of Micro, Small, and Medium Enterprises (MSME) launched three sub-schemes under the RAMP programme. These sub-schemes were designed to support MSMEs in adopting green technology, promoting circular economy projects and addressing the problem of delayed payments.
The first sub-scheme, MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme), provided interest subvention and credit guarantee support to MSMEs to help them adopt green technology. The second one, MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme), was the government’s first-ever scheme to support circular economy projects. It aimed to achieve zero emissions by 2070 and offered credit subsidy to MSMEs.
The third sub-scheme, MSE Scheme on Online Dispute Resolution for Delayed Payments, was a unique scheme that combined legal support with modern IT tools and Artificial Intelligence. It addressed the issue of delayed payments for Micro and Small Enterprises. In the second meeting of the National MSME Council chaired by Union Minister for MSME Narayan Rane, he urged all the States and Union Territories to promote and develop the MSME sector. This would not only increase income and employment opportunities in the sector but also contribute to the country’s economic growth.
