CURRENT AFFAIRS

Detailed explanation-1: -WASHINGTON DC, June 04, 2021 - The World Bank’s Board of Executive Directors today approved a $500 million program to support the Government of India’s nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.

Detailed explanation-2: -World Bank Approves $750 Million to Support Critical Governance Reforms, Transport Infrastructure, and Digital Connectivity in the Democratic Republic of Congo.

Detailed explanation-3: -PM Modi launched the scheme at a program in New Delhi on June 30, 2022. The total outlay for the program is Rs 6, 062.45 crore, of which Rs 3750 crore would be loaned by the World Bank and the remaining 2312.45 crore would be contributed by the Indian government.

Detailed explanation-4: -The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today approved a USD 808 million or Rs 6, 062.45 crore, World Bank assisted programme on “Raising and Accelerating MSME Performance” (RAMP).

Detailed explanation-5: -How do MSMEs contribute to the Indian economy? MSMEs make a crucial contribution to India’s GDP. MSMEs contribute more than 29% to the GDP and are responsible for 50% of the country’s total exports. They are also accountable for one-third of India’s manufacturing output.