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An Update on MSME Green Finance and Transformation Scheme

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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.

 


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DEI

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India’s Women Reservation Bill: paying way for DEI?

Renjini Liza Varghese


As a sustainability warrior, I see the historic Women’s Reservation Bill passed by the Indian Parliament on September 20, 2023, as a pave blocker for the much-discussed DEI (diversity, Equity and Inclusion).

It is especially significant because it starts from the policy framing house.   

I stand by the voices that supported the Women’s Reservation Bill pending in the Parliament for the last 27 years. Introduced multiple times, the bill was first passed in the Rajya Sabha or the Upper House in 2010. It failed to be tabled in Lok Sabha and lapsed. The journey of this bill itself narrates the story of women empowerment in India.

Undoubtedly, we need women’s participation at all levels if we want to create a sustainable society. Women play a pivotal role in developing an ecosystem to protect Mother Nature.

Secondly, the rural-urban divide further fractures the participation of women in civil society. In India, the rural population is much larger than the urban population. Lack of economic opportunities force men to migrate to cities or metros. This lays bare the critical role women play in running the family, and front-ending initiatives for financial and food security, health and education, and water.

While government initiatives, self-help groups and groups are collectively working to uplift women, a few financial products are just not enough! The buck cannot stop here; more participation and inclusiveness are required. I am confident that ensuring 33% reservation through a bill at higher levels will further fuel the pace of women-centric initiatives that can have multilayer changes.

Climate mitigation initiatives mandate DEI. And because it is a compliance requirement (tick boxing), we have slowly started seeing changes with women getting prominence in roles, including at board levels or taking the lead in strategy, CSR or other initiatives in corporates. But the gaps are still visible. Somehow, I always felt it was not enough. How can we get more women to participate? I hope this bill also sets the required benchmarking for the corporates to integrate more women at all levels.


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