Over Rs 500 Crores Have Been Digitally Transferred To 18,000 MSMEs: PM Modi At ‘Udyami Bharat’ Program

According to the Prime Minister's Office (PMO), 'Udyami Bharat' reflects the government's ongoing commitment to empowering MSMEs since its inception.

Prime Minister Narendra Modi.

Prime Minister Narendra Modi on Thursday attended the ‘Udyami Bharat’ program at Vigyan Bhawan in Delhi. During the program, PM Modi said that in present times the "focus is being given to develop MSME sector."

Adressing the gathering, PM Modi said, "We've taken the resolution to make our unique local production in every district & part of our country, global... focus being given to develop MSME sector... More than Rs 500 crores have been digitally transferred to 18,000 MSMEs; I congratulate the MSME sector."

"In easier words, if India earns Rs 100 today, Rs 30 comes because of our MSME sector. For us, MSME means - maximum support to Micro, Small & Medium Enterprises. I urge all our MSMEs to register on GeM portal. The government will be able to buy your products," he further said. 

During the occasion, the Prime Minister launched the 'Raising and Accelerating MSME Performance' (RAMP) plan, the 'Capacity Building of First-Time MSME Exporters' (CBFTE) scheme, and new aspects of the 'Prime Minister's Employment Generation Programme' (PMEGP).

Prime Minister Narendra Modi also distributed the National MSME Awards 2022, a recognition of the contributions of MSMEs, States/UTs, Aspirational Districts, and Banks for their outstanding performance in the growth and development of India’s MSME sector.

Prime Minister Narendra Modi distributes the National MSME Awards 2022, a recognition of the contributions of MSMEs, States/UTs, Aspirational Districts, and Banks for their outstanding performance in the growth and development of India’s MSME sector. pic.twitter.com/OQkp3o52FT

— ANI (@ANI) June 30, 2022

According to the Prime Minister's Office (PMO), 'Udyami Bharat' reflects the government's ongoing commitment to empowering MSMEs since its inception.

The government has periodically launched initiatives such as MUDRA Yojana, Emergency Credit Line Guarantee Scheme, and Scheme of Fund for Regeneration of Traditional Industries (SFURTI) to provide necessary and timely support to the MSME sector, which has benefited crores of people across the country.

The Prime Minister announced the 'Raising and Accelerating MSME Performance' (RAMP) initiative, which would cost around Rs 6,000 crore. It intends to increase the capacity and coverage of MSMEs in the states while improving the effect of existing MSME initiatives.

It will supplement the Aatmanirbhar Bharat Abhiyan by fostering innovation, encouraging ideation, incubating new businesses, and fostering entrepreneurship by developing quality standards, improving practises and processes, enhancing market access, deploying technological tools, and implementing Industry 4.0 to make MSMEs competitive and self-sufficient.

The Prime Minister also inaugrated the 'Capacity Building of First-Time MSME Exporters' (CBFTE) initiative, which aims to promote MSMEs to supply international-standard products and services to the global market. This would increase Indian MSMEs' engagement in the global value chain and assist them in realising their export potential.

He also introduced new elements of the "Prime Minister's Employment Generation Programme" (PMEGP). These include raising the maximum project cost for the industrial sector to Rs 50 lakh (from Rs 25 lakh) and the service sector to Rs 20 lakh (from Rs 10 lakh), as well as include applicants from aspirational areas and transgenders in the Special Category applicants for greater subsidies.

PM Modi also unvieled the results of the MSME Idea Hackathon 2022 during the ceremony.

This year's Hackathon, which began on March 10, is focused at fostering and supporting people' latent creativity, as well as boosting the adoption of cutting-edge technology and innovation among MSMEs. The chosen incubatee concepts would receive funding of up to Rs 15 lakhs per approved proposal.