World Bank Approves $500 Million Plan to Boost Indian Firms

Published 08-06-2021, 04:02 pm
Updated 08-06-2021, 04:03 pm
© Reuters

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.