PM Modi To Attend 'Udyami Bharat' Program Today, Launch Several Schemes

PM Modi will digitally transfer assistance to PMEGP grantees, announce the results of the MSME Idea Hackathon, give National MSME Awards, and present Digital Equity Certificates to 75 MSMEs.

Prime Minister Narendra Modi. (Source: File Photo)

NewDelhi: Prime Minister Narendra Modi will attend the 'Udyami Bharat' function at Vigyan Bhawan in New Delhi today, news agency ANI reported.

During the occasion, the Prime Minister will unveil 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).

PM Modi will also digitally transfer assistance to PMEGP grantees for 2022-23, announce the results of the MSME Idea Hackathon, 2022, give National MSME Awards, 2022, and present Digital Equity Certificates to 75 MSMEs under the Self Reliant India (SRI) Fund.

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 will announce 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 will inaugurate 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 will also introduce 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 will unveil 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.

The Prime Minister will also present the 2022 National MSME Awards.

According to the announcement, the award recognises MSMEs, States/UTs, aspirational districts, and banks for their excellent achievements in the growth and development of India's vibrant MSME sector.

(With Inputs From ANI)