All states and Union Territories (UTs) of the country will have to develop a strategic investment plan (SIP) for Micro, Small, and Medium enterprises (MSMEs) by 2023-24.

This has been stipulated as one of the targets of World Bank assisted programme on Raising and Accelerating MSME Performance (RAMP), Ateesh Kumar Singh, Joint Secretary at the MSME Ministry told ET.

RAMP, which was approved by the cabinet on Wednesday, that is slated to commence in financial year 2022-23. The total outlay for the scheme is Rs 6,062.45 crores, out of which Rs 3750 crores would be a loan from the World Bank and the remaining Rs 2312.45 crores would be funded by the centre.

The RAMP programme will also fund Rs 2200 crores for the technology upgradation needs of MSMEs, Rs 1870 crores for SIP and state investments, and Rs 647 crores for market promotion schemes.

“The programme aims at improving access to market and credit, strengthening institutions and governance at the Centre and State, improving Centre-State linkages and partnerships, addressing issues of delayed payments and greening of MSMEs,” Singh said.

The program will also seek to scale up implementation capacity and MSME coverage in states, he added.

According to Singh, the outlay of the scheme will be used for strengthening the existing programmes being run the MSME Ministry.

An MSME Council headed by the MSME Ministry, and with representation of all the state governments will be formed under this scheme. This council is expected to be shaped up in the next two to three months.

A ‘portal of portals’, aimed at linking all the existing portals where MSMEs are registered is also going to be developed under the RAMP programme. “The National e-Governance Division (NeGD) is going to complete making this portal in the next 7 to 8 months,” Singh said.