Prime Minister Narendra Modi on Wednesday hailed the Cabinet choice to approve a World Bank-assisted Rs 6,062 crore funding programme for the small and medium companies, saying the federal government is taking many steps so as to add new vitality into the MSME sector and assist native enterprise.
“The MSME Sector is crucial for India’s economic progress. Our authorities is taking many steps so as to add new vitality into the sector and assist native enterprise. Today’s Cabinet choice is a step on this path,” he tweeted.
The Union Cabinet accepted a World Bank-assisted Rs 6,062 crore funding programme for the small and medium companies to assist enhance their entry to market and credit score.
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Modi, accepted the Rs 6,062.45 crore or USD 808 million ‘Raising and Accelerating MSM Performance’ (RAMP) for the micro, small and medium enterprises (MSMEs), an official launch mentioned.
RAMP will begin in FY23, it mentioned.
Of the full outlay beneath the programme, Rs 3,750 crore (USD 500 million) will come from World Bank mortgage, and the remaining Rs 2,312.45 crore will likely be funded by the central authorities.
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