Shri Narayan Rane Launches Sub-Schemes to Bolster MSMEs: Green Tech, Circular Economy, and Payment Dispute Resolution on the Agenda

Shri Narayan Rane Launches Sub-Schemes to Bolster MSMEs: Green Tech, Circular Economy, and Payment Dispute Resolution on the Agenda

The Union Minister for MSME, Shri Narayan Rane, inaugurated three sub-schemes as part of the RAMP program today. These initiatives include the MSME Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme), MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme), and MSE Scheme on Online Dispute Resolution for Delayed Payments.

The MSME GIFT Scheme aims to assist MSMEs in adopting green technology through interest subvention and credit guarantee support. On the other hand, the MSE SPICE Scheme is a pioneering effort by the government to support circular economy projects, promoting zero emissions in the MSME sector by 2070 through credit subsidy. The MSE Scheme on Online Dispute Resolution for Delayed Payments is the first of its kind, leveraging legal support and modern technology, including Artificial Intelligence, to address delayed payments for Micro and Small Enterprises.

The Ministry is introducing additional measures under existing schemes to enhance support for MSMEs. The MSME – SCIP Programme will facilitate the commercialization of intellectual property rights (IPR) for innovators in the MSME sector. Furthermore, the ZED Scheme, now made free for women-led MSMEs, ensures 100 percent financial support for certification costs. These interventions were also unveiled by the Union Minister.

The Ministry formalized Memoranda of Understanding (MoUs) with implementing agencies, including SIDBI for MSME GIFT and MSME SPICE schemes, and with the National Informatics Centre Services Inc. (NICSI) for the MSE ODR scheme.

Shri Narayan Rane chaired the 2nd meeting of the National MSME Council, urging all States/UTs to actively contribute to the promotion and development of the MSME sector. He emphasized the role of these efforts in boosting income, employment, and contributing to the country’s economic growth. Shri Bhanu Pratap Singh Verma, Union Minister of State for MSME, emphasized the need for global competitiveness among MSMEs and stressed the importance of synergy between central and state-level initiatives.

Shri SCL Das, Secretary, Ministry of MSME, encouraged representatives from States/UTs and other stakeholders to leverage the Ministry’s initiatives. He highlighted the importance of ensuring that MSMEs benefit from the schemes, contributing to the success of the RAMP program and the national MSME agenda for development.

The meeting, attended by Secretaries of Central Ministries/Departments, Principal Secretaries, Nodal Officers from States/UT governments, CMDs of SIDBI and ONDC, CEO of NICSI, and other dignitaries, aimed at overseeing inter-Central Ministerial/Departmental coordination, Center-State synergies, and monitoring progress on reforms in the MSME sector as mandated by the RAMP Program. The program focuses on improving access to markets and credit, strengthening institutions, enhancing governance, addressing delayed payments, and promoting environmental sustainability in MSMEs.