World Bank Approves $500 mn Program to Help Boost MSME Sector of India
Board of Executive Directors of World Bank has accredited a
USD five hundred million programs to support India’s nationwide initiative to revitalise
the MSME sector, which has been heavily impacted by way of the COVID-19 crisis.
The MSME area is the spine of India’s economy, contributing
30% of India’s GDP and 4% of exports.
The USD 500 million Raising and
Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP)
Program is the World Bank’s 2nd intervention in this sector, the first being the
USD 750 million MSME Emergency Response Program, authorised in July 2020 to
tackle the instantaneous liquidity and deposit desires of hundreds of thousands
of manageable MSMEs severely impacted by using the ongoing COVID-19 pandemic.