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Indian MSMEs contribute about 30 percent to the country's GDP and 40 percent to exports. However, the sector has been hit hard by the pandemic and the ensuing lockdowns.
In a bid to uplift and revitalise the sector, the World Bank's Board of Executive Directors has approved a $500 million programme, named Raising and Accelerating Micro, Small and Medium Enterprise Performance (RAMP), aimed at improving the performance of 555,000 MSMEs. It is also expected to mobilise financing worth $15.5 billion.
"The RAMP programme will intensify efforts to support firms to return to pre-crisis production and employment levels while laying the foundations for longer-term productivity-driven growth and generation of much-needed jobs in the MSME sector,” said Junaid Ahmad, World Bank Country Director in India.
Last July, the World Bank had approved $750 million under the MSME Emergency Response Programme.
The government has also supported the MSMEs with several initiatives since the start of the pandemic. In the Union Budget 2021, Finance Minister Nirmala Sitharaman had allocated the sector Rs 15,700 crore — more than double the previous year.
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News & Updates
- According to a JobsForHer report, hiring of women in middle and senior management rose to 43 percent in 2020. Also, 41 percent of startups surveyed for the report had achieved their goal of gender diversity hiring in 2020.
- Pfizer has partnered with Doctors For You to help create 400 oxygen bed capacity at Delhi's Yamuna COVID care centre. With a grant of Rs 4.5 crore, the NGO has procured and deployed about 400 high-quality beds with oxygen support and other medically necessary equipment.
- Social media platform Twitter has reportedly approached the government seeking more time to comply with the new IT rules. This comes after the government issued a strongly-worded final notice to the company regarding its non-compliance with the new rules.
- Go Airlines (now rebranded as Go First) is likely to launch its initial public offering in August after the Securities and Exchange Board of India clears it in July. Last month, the company had filed its draft red herring outlining an IPO that could raise up to Rs 3,600 crore.
- In a joint venture with Ace Turtle, Flipkart, has secured the licensing rights for toy and baby brands – Toys”R”Us and Babies”R”Us in India. These brands will be available to consumers online through sellers in India.
Before you go, stay inspired— with…
“This [MSME] portfolio is associated with the most important issue — the country's growth rate and employment potential.”
— Nitin Gadkari, Minister of Micro, Small and Medium Enterprises
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Link : https://yourstory.com/2021/06/world-bank-msme-stack-overflow-leap-finance-nitin-gadkari
Author :- Team YS ( )
June 09, 2021 at 06:00AM
YourStory