The Union Cabinet, chaired by Prime Minister Narendra Modi, approved a Rs 6,062.45-crore programme for strengthening the performance of micro, small, and medium enterprises (MSMEs), with assistance from the World Bank, on Wednesday.

The Raising and Accelerating MSME Performance (RAMP) initiative is a World Bank-supported central sector programme that will support the Ministry of Micro, Small and Medium Enterprises' COVID-19 pandemic-related resilience and recovery interventions. The programme would begin in the fiscal year 2022-23.

According to a press statement, the plan will cost Rs 6,062.45 crore, with Rs 3,750 crore coming from a World Bank loan and the balance Rs 2,312.45 crore coming from the Indian government.

"The initiative intends to improve access to the market and credit, develop institutions and governance at the national and state levels, improve Centre-State linkages and collaborations, address issues of late payments, and green MSMEs," according to the statement.

In addition, the RAMP programme will work to increase implementation capacity and MSME coverage in states. It will address the MSME sector's generic and COVID-related concerns by enhancing the impact of existing MSME initiatives, particularly on the competitiveness front.

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