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With reference to the Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program, consider the following statements:
1. It is an initiative of World Economic Forum (WEF).
2. It will scale up online dispute resolution mechanisms to address the problem of delayed payments.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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With reference to the Raising and Accelerating Micro, Small and Medium...
The World Bank has approved a USD 500 million program to help boost India’s MSME sector.
- The USD 500 million Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is the World Bank’s second intervention in this sector.
- The first being the USD 750 million MSME Emergency Response Program, approved in July 2020 to address the immediate liquidity and credit needs of millions of viable MSMEs severely impacted by the ongoing COVID-19 pandemic.
Features
- The programme targets improvements in the performance of 5.5 lakh MSMEs and is expected to mobilise financing of USD 15.5 billion, as part of the government's USD 3.4 billion MSME Competitiveness - A Post-COVID Resilience and Recovery Programme (MCRRP).
- The RAMP program will provide better access to finance and working capital for MSMEs by strengthening the receivable financing markets.
- It will also scale up online dispute resolution mechanisms to address the problem of delayed payments.
- The USD 500 million loan from the International Bank for Reconstruction and Development (IBRD), has a maturity of 18.5 years including a 5.5-year grace period.
- Hence only statement 2 is correct.
Most Upvoted Answer
With reference to the Raising and Accelerating Micro, Small and Medium...
Statement 1: It is an initiative of World Economic Forum (WEF).
Statement 2: It will scale up online dispute resolution mechanisms to address the problem of delayed payments.
The correct answer is Option B - 2 only.
Explanation:
The Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is not an initiative of the World Economic Forum (WEF). The RAMP Program is actually an initiative of the Government of India.
The RAMP Program was launched by the Ministry of MSMEs (Micro, Small and Medium Enterprises) in collaboration with the World Bank. Its objective is to enhance the competitiveness and performance of MSMEs in India.
The program focuses on providing support to MSMEs in various areas such as access to finance, access to markets, and access to technology. It aims to address the challenges faced by MSMEs and help them grow and thrive in a competitive business environment.
Online dispute resolution mechanisms:
While the RAMP Program aims to address various challenges faced by MSMEs, online dispute resolution mechanisms to address the problem of delayed payments are not specifically mentioned as part of the program. However, it is important to note that the government has taken several measures to address the issue of delayed payments to MSMEs.
The government has implemented the MSME Samadhaan Portal, which is an online platform for filing and tracking grievances related to delayed payments. This portal enables MSMEs to file complaints and seek redressal for delayed payments from their buyers.
Additionally, the government has also introduced the Trade Receivables Discounting System (TReDS), which is an online platform where MSMEs can upload their invoices and receive early payment against them. This helps MSMEs in managing their cash flow and mitigating the impact of delayed payments.
In conclusion, the RAMP Program is an initiative of the Government of India, and while it aims to address various challenges faced by MSMEs, online dispute resolution mechanisms specifically for delayed payments are not mentioned as part of the program.
Statement 2: It will scale up online dispute resolution mechanisms to address the problem of delayed payments.
The correct answer is Option B - 2 only.
Explanation:
The Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program is not an initiative of the World Economic Forum (WEF). The RAMP Program is actually an initiative of the Government of India.
The RAMP Program was launched by the Ministry of MSMEs (Micro, Small and Medium Enterprises) in collaboration with the World Bank. Its objective is to enhance the competitiveness and performance of MSMEs in India.
The program focuses on providing support to MSMEs in various areas such as access to finance, access to markets, and access to technology. It aims to address the challenges faced by MSMEs and help them grow and thrive in a competitive business environment.
Online dispute resolution mechanisms:
While the RAMP Program aims to address various challenges faced by MSMEs, online dispute resolution mechanisms to address the problem of delayed payments are not specifically mentioned as part of the program. However, it is important to note that the government has taken several measures to address the issue of delayed payments to MSMEs.
The government has implemented the MSME Samadhaan Portal, which is an online platform for filing and tracking grievances related to delayed payments. This portal enables MSMEs to file complaints and seek redressal for delayed payments from their buyers.
Additionally, the government has also introduced the Trade Receivables Discounting System (TReDS), which is an online platform where MSMEs can upload their invoices and receive early payment against them. This helps MSMEs in managing their cash flow and mitigating the impact of delayed payments.
In conclusion, the RAMP Program is an initiative of the Government of India, and while it aims to address various challenges faced by MSMEs, online dispute resolution mechanisms specifically for delayed payments are not mentioned as part of the program.
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With reference to the Raising and Accelerating Micro, Small and Medium Enterprise (MSME) Performance (RAMP) Program, consider the following statements:1. It is an initiative of World Economic Forum (WEF).2. It will scale up online dispute resolution mechanisms to address the problem of delayed payments.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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