Union Minister for MSME inaugurates MSE GIFT, MSE SPICE, and MSE ODR schemes, advancing the green agenda and technology adoption for Micro, Small, and Medium Enterprises.

Union Minister for Micro, Small, and Medium Enterprises (MSME), Shri Narayan Rane, unveiled three sub-schemes under the RAMP programme. Launched on 20 DEC 2023 at 5:50 PM in Delhi, these initiatives aim to catalyze transformative changes in the MSME sector.

The first sub-scheme, MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme), facilitates the adoption of green technology by providing interest subvention and credit guarantee support. The MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) is a pioneering effort to support circular economy projects through credit subsidies, aligning with the goal of achieving zero emissions by 2070. The MSE Scheme on Online Dispute Resolution for Delayed Payments leverages legal support, modern IT tools, and Artificial Intelligence to address delayed payments for Micro and Small Enterprises.

In addition, the Ministry announced enhancements to existing schemes. The Support for Commercialisation of IP Programme (MSME – SCIP Programme) will aid innovators in commercializing their intellectual property. Notably, the ZED Scheme has been made entirely free for women-led MSMEs, with the government guaranteeing 100 percent financial support for the certification cost. Memorandum of Understanding (MoUs) were exchanged with implementing agencies SIDBI and NICSI for the successful execution of these schemes.

The National MSME Council, chaired by Shri Narayan Rane in its second meeting, emphasized the need for states and union territories to actively contribute to the promotion and development of the MSME sector. Shri Bhanu Pratap Singh Verma, Union Minister of State for MSME, highlighted the importance of supporting MSMEs in becoming globally competitive, urging synergies between central and state-level initiatives.

Shri SCL Das, Secretary, Ministry of MSME, encouraged representatives from states/UTs and stakeholders to capitalize on the initiatives and ensure widespread benefits for MSMEs. The National MSME Council, set up by the Ministry, acts as an administrative body overseeing inter-ministerial coordination, Centre-State synergies, and progress monitoring on mandated MSME sector reforms under the RAMP Programme.

Source – PIB