The RAMP Programme for MSME (Micro, Small, and Medium Enterprises) stands for "Recovery, Assistance, Mentorship, and Promotion" and is designed to provide comprehensive support to small businesses, particularly in times of economic challenges or crises. Here's an outline of how the RAMP Programme might support small businesses.
With initiation of RAMP programme, the government has taken a step forward for supporting small businesses, making MSMEs more Atma Nirbhar. As MSMEs contribute to a major 30% of our national wealth. Even better, they're creating jobs for over 11 crore Indians! Sounds amazing, right?
And to help MSMEs amplify their businesses, ramp programme focuses on providing financial assistance, business development support, and networking opportunities for MSMEs to grow.
And to help your small business the right way, we have shared about ramp scheme msme updates on it declared by the government in 2023!
Learn more about it, below 👇
RAMP Scheme for msme: A financial aid for msme
What is Raising and Accelerating MSME Performance?
The project has been announced in partnership with the World Bank and is expected to boost the productivity of the MSME sector for the next five years, starting from the financial year 2022 up to the financial year 2026. RAMP programme also complements the Atma Nirbhar Bharat mission by assisting small and medium businesses to develop new business ideas via quality standards by providing the means of market access, competitiveness and self-reliance.
The ramp scheme was brought to benefit MSMEs from new financial reforms. And provide them with credits to grow and expand their businesses with better ease.
The key objectives of RAMP are focused on accelerating centre-state collaboration in MSME promotion and development, enhancing the efficiency of current schemes of the MSME Ministry for technology upgradation, strengthening the receivable financing market for MSMEs, enhancing the effectiveness of CGTMSE, promoting guarantee for greening initiatives of MSEs and women-owned MSEs, and reduce cases of delayed payments to MSEs.
And the best part is you can avail these benefits by registering for the RAMP programme.
How can you register for the RAMP programme?
Wondering how you can register for the ramp programme and scale up your business without financial worries? Let us help you out with a step-by-step process.
Follow these steps to register for ramp programme-
- Go to MSME website, and use the required document and sign up the application form.
- You need MSME registration certificate, under the MSME Act, 2006. Udyog Aadhaar Number (UAN) certificate Project Report, and everything related to your business for which you need a loan.
- The project report should also include a detailed financial plan with estimated costs and the financial help required from the RAMP scheme.
- Business Plan, outlining the current status of your MSME business, the challenges you are facing, and the strategies you are planning to execute to grow your business.
- Bank statement of the MSME for the last six months. Identity proof (Aadhaar Card, PAN Card, Passport, etc) Address proof (Aadhaar Card, Electricity Bill, or Telephone Bill) Goods and Services Tax (GST) Registration Certificate.
- Note: You may also need to submit any other supporting documents like Bank statement of the MSME for the last six months, identity proof (Aadhaar Card, PAN Card, Passport, etc), address proof (Aadhaar Card, Electricity Bill, or Telephone Bill), Goods and Services Tax (GST) Registration Certificate, and other supporting documents that may be required by the authorities for the verification of your application.
Now that you know how to register for ramp scheme, you should also know that there is are eligibility criteria that include being registered as MSME, under MSME Act 2006, and you business must have a valid UAN number. Not only this, you can apply for various RAMP schemes, and to make you understand that the ramp scheme will help your business, we have shared the the benefits below!
How RAMP Scheme Benefits MSMEs:
Ramp programme depends upon the following pillars-
- Market Access: Participation in trade fairs, government procurement opportunities, and export promotion, which means you have access to the network required to grow your MSME business.
- Credit Access: Under the RAMP programme for MSME, credit access refers to hassle-free simplified loan processes, lesser interest rates, credit guarantee schemes that allow you to have the financial assistance you need to improve and expand your MSME.
- Technology Upgradation: technology upgradation for msme under ramp programme includes- helping MSMEs to be comfortable with using new technologies that can reduce the burden of doing manual activities that take too much time, it helps you in the adoption of advanced machinery, access to digital tools, and training programs.
- Skilling and Entrepreneurship: The Government has taken various steps that help our economy to upscale, and under ramp programme for msme, we have skill development programs for employees and entrepreneurs, and incubation centres to help you enhance your productivity, making you better at what you do!
- Green MSME: Financial incentives for adopting sustainable practices, energy efficiency programs.
These 5 pillars act as a catalyst for your business growth, and with right access to financial assistance. To make ramp programme more accessible to msmes, government came up with more schemes under RAMP programme, which are discussed in the section below.
Amplifying support: Sub-Schemes under RAMP programme 2024
Government is amplifying its support to MSME by introducing sub-schemes under ramp programme in 2023. The schemes include-
- MSME GIFT scheme-
This is the MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme) focuses on helping MSMEs to adopt green technology with less interest while granting loan and credit guarantee support. - MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme)-
Under this scheme, the government is supporting circular economy projects which will be done via credit subsidy and will lead to realising the dream of the MSME sector towards zero emissions by 2070. - MSE Scheme on Online Dispute Resolution for Delayed Payments-
It is a unique scheme to integrate legal support with modern technology to minimise the incidences of delayed payments for Micro and Small Enterprises.
Not only these, but the government has The Ministry is also taking new initiatives under the existing schemes to provide enhanced support to the MSMEs like MSME – SCIP Programme, the ZED Scheme and more.
Conclusion: Claiming the Ramp Scheme
RAMP programme for msme is exactly that spark for India's millions of MSMEs. It is a Rs. 6,000 crore financial assistance programme, that is ready to drive our small businesses to new heights, creating jobs, boosting the economy, and making India's MSME landscape progressive each day.
The ramp programme for msme is a one-stop solution to all msme business problems. Need a bigger market? RAMP connects you to buyers across the country. Cash flow tight? RAMP eases access to loans and credit.
But RAMP isn't just about providing financial assistance, it's about empowering MSMEs. Schemes like "Spice It Up" encourage eco-friendly practices, making our businesses greener and cleaner. And let's not forget the "ZED" scheme, giving women entrepreneurs a free pass to manufacture without harming the planet.
Every journey starts with a single step. For India's MSMEs, that step is taking advantage of RAMP. So, start managing your bookkeeping and accounting dreams with  ▶GimBooks App, unleash your potential, and let's use RAMP programme to our advantage for your MSME's success.
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Noorleen Kaur Bhatia