On December 20, 2023, the Ministry of Micro, Small and Medium Enterprises launched two new sub-schemes under the RAMP Programme to support MSMEs in India.
MSE Green Investment and Financing for Transformation Scheme (MSE GIFT): This scheme aims to help MSMEs adopt green technologies with a total budget of Rs.478 crore over three years. It includes Rs.350 crore for interest subvention, Rs.125 crore for risk sharing, and Rs.3 crore for IEC activities. The goal is to provide concessional financing to support the transition to sustainable business operations.
MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE): The first government scheme focused on circular economy projects, MSE SPICE has a total outlay of Rs.472.50 crore for 2023-27. It includes Rs.450 crore for credit-linked capital subsidy, Rs.15 crore for awareness generation, and Rs.7.50 crore for IEC activities. This scheme aims to enhance resource efficiency, reduce environmental impact, and improve competitiveness.
Small Industries Development Bank of India (SIDBI) will implement both schemes. This announcement was made by Minister of State for MSMEs, Sushri Shobha Karandlaje, in a Rajya Sabha written reply.
