Smallcap stock hits 10% lower circuit after inclusion in Additional Surveillance Measures (ASM)
By Aditya Raghunath
Investing.com -- The World Bank has approved a $500 million program to boost India’s MSME (micro, small and medium enterprises) sector. The program, called RAMP (Raising and Accelerating Micro, Small and Medium Enterprise Performance) is the second program after the $750 million MSME Emergency Relief Program that was approved in July 2020 by the global financial institution.
A statement from the World Bank says that it expects to mobilize financing worth $15.5 billion and is expected to impact 555,000 MSMEs.
“To date, 5 million firms have accessed finance from the government program. With the program approved today, the World Bank's financing towards improving the productivity and financial viability of the MSME sector amounts to $1.25 billion over the past year,” the statement said.
It added, “the World Bank’s financing for improving the productivity and financial viability of MSMEs amounts to $1.25 billion over the past year.”
“The RAMP program will intensify efforts to support firms to return to pre-crisis production and employment levels while laying the foundations for longer-term productivity-driven growth and generation of much-needed jobs in the MSME sector,” said Junaid Ahmad, World Bank Country Director in India.
World Bank data says that over 90% of India’s MSMEs employ less than five people.