The Ministry of Micro, Small, and Medium Enterprises launched the MSE Green Investment and Financing for Transformation Scheme (MSE GIFT Scheme) and the MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme) under the RAMP Program on December 20, 2023. Informed Shobha Karandlaje, Minister of State for the Ministry of Micro, Small, and Medium Enterprises, and provided this information in a written reply to the Rajya Sabha.
With interest subvention and credit guarantee support, the MSE GIFT Scheme aims to assist MSMEs in implementing green technology. Over the course of three years (2023–24 to 2025–26), the scheme will require an outlay of Rs 478 crore, comprising Rs 350 crore for interest subsidy, Rs 125 crore for a risk-sharing fund, and Rs 3 crore for the information, education, and communication (IEC) component. According to the statement, the scheme’s main goal is to help MSEs become green and sustainable businesses by supporting their adoption of clean and green technologies and granting them access to institutional financing at a discounted rate.
The first program to support projects related to the circular economy is the MSE Scheme for Promotion and Investment in Circular Economy (MSE SPICE Scheme). The scheme’s main objectives are to boost MSEs’ competitiveness in India, encourage resource efficiency, and lessen their negative environmental effects. For the years 2023–2026, the scheme will cost a total of Rs. 472.50 crore. Its components include a Rs 450 crore Credit Linked Capital Subsidy, a Rs 15 crore awareness generation and demand creation component, and a Rs 7.50 crore IEC component.
The Small Industries Development Bank of India (SIDBI) has been proposed as the MSE-GIFT and MSE-SPICE sub-schemes’ implementing agencies.