Daily Current Affairs : 22-December-2023

In a concerted effort to fortify Micro, Small, and Medium Enterprises (MSMEs) against the challenges exacerbated by the pandemic, the government has rolled out three impactful sub-schemes under the RAMP (Rejuvenation, Acceleration, and Mitigation of Pandemic) program. These initiatives strive to rejuvenate, accelerate, and mitigate the pandemic’s impact on MSMEs, focusing on crucial areas that have long impeded their growth.

Scheme 1: MSE GIFT – Green Transformation and Financing:
  • Encouraging Green Investment: MSE GIFT stands as the first pillar of support, specifically targeting the infusion of green investments into the MSME sector. This scheme recognizes the imperative of sustainable practices and incentivizes environmentally conscious transformations within MSMEs.
  • Financing Transformation: One of the core objectives is to provide much-needed financing for the metamorphosis of MSMEs. By offering financial support, MSE GIFT acts as a catalyst for the green evolution of these enterprises, ensuring a harmonious blend of economic growth and environmental responsibility.
Scheme 2: MSE SPICE – Circular Economy Investment:
  • Promoting Circular Economy: The second sub-scheme, MSE SPICE, takes a unique approach by promoting and investing in the circular economy. Emphasizing sustainable practices, MSE SPICE envisions a shift towards a more circular and regenerative economic model.
  • Sustainable Practices: By encouraging MSMEs to adopt sustainable practices, MSE SPICE aims to create a resilient and eco-friendly business environment. This not only contributes to environmental conservation but also enhances the long-term viability of MSMEs.
Scheme 3: MSE Scheme on Online Dispute Resolution:
  • Addressing Payment Delays: The third sub-scheme zeroes in on a critical issue faced by MSMEs—delayed payments. The MSE scheme on Online Dispute Resolution for Delayed Payments seeks to resolve payment delays through efficient online mechanisms, ensuring smoother financial transactions for MSMEs.
  • Facilitating Financial Transactions: By leveraging online dispute resolution, this scheme aims to streamline financial transactions for MSMEs, reducing the burden of delayed payments and fostering a more efficient business ecosystem.
Important Points:
  • Scheme 1: MSE GIFT – Green Transformation and Financing:
    • Encourages green investments in MSMEs.
    • Provides financing for environmentally conscious transformations.
    • Acts as a catalyst for the green evolution of MSMEs.
  • Scheme 2: MSE SPICE – Circular Economy Investment:
    • Promotes and invests in the circular economy.
    • Emphasizes sustainable practices for MSMEs.
    • Aims for a shift towards a more circular and regenerative economic model.
  • Scheme 3: MSE Scheme on Online Dispute Resolution:
    • Addresses critical issue of delayed payments for MSMEs.
    • Utilizes online dispute resolution for efficient problem-solving.
    • Facilitates smoother financial transactions, reducing the burden of payment delays.
Why In News

Recently, as part of the RAMP (Rejuvenation, Acceleration, and Mitigation of Pandemic) program, three sub-schemes were introduced with the aim of enhancing global health resilience and fostering collaboration among nations to effectively combat future pandemics.

MCQs about Empowering MSMEs through RAMP

  1. What is the primary focus of MSE GIFT under the RAMP program?
    A. Circular economy investment
    B. Resolving delayed payments
    C. Encouraging green investment
    D. Promoting online dispute resolution
    Correct Answer: C. Encouraging green investment
    Explanation: MSE GIFT aims to encourage green investment in MSMEs as part of the broader RAMP program.
  2. What distinguishes MSE SPICE among the sub-schemes introduced for MSMEs?
    A. Online dispute resolution
    B. Promotion of circular economy
    C. Resolving payment delays
    D. Financing green transformation
    Correct Answer: B. Promotion of circular economy
    Explanation: MSE SPICE is designed to promote and invest in the circular economy, emphasizing sustainable practices.
  3. What critical issue does the MSE Scheme on Online Dispute Resolution aim to address?
    A. Green investment challenges
    B. Delayed payments for MSMEs
    C. Financing issues for MSMEs
    D. Circular economy implementation
    Correct Answer: B. Delayed payments for MSMEs
    Explanation: The MSE Scheme on Online Dispute Resolution targets the issue of delayed payments for MSMEs.
  4. How does MSE GIFT act as a catalyst for MSMEs?
    A. Promoting online dispute resolution
    B. Resolving payment delays
    C. Encouraging sustainable practices
    D. Providing financing for green transformation
    Correct Answer: D. Providing financing for green transformation
    Explanation: MSE GIFT provides financing for the green transformation of MSMEs, acting as a catalyst for their environmental evolution.

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