Kerala sets up 89,000 MSMEs in FY23 | The Financial Express

Kerala sets up 89,000 MSMEs in FY23

The state government is also observing 2023-24 as ‘year of enterprises’.

Kerala sets up 89,000 MSMEs in FY23
Kerala had registered 17,300 MSMEs in the last financial year. (Representational Image/IE)

Kerala will soon meet the target of setting up 1,00,000 micro, small and medium enterprises (MSMEs) in the current fiscal, with 89,000 units registered under the special scheme launched earlier this year.

According to an official with the directorate of industries and commerce, investment of more than Rs 5,500 crore has already been committed by these enterprises which is expected to generate employment of 200,000 in the next couple of years.

While launching the scheme in March, Chief Minister Pinarayi Vijayan had said the target was to create 300,000 – 500,000 jobs in the MSME sector. The state government is also observing 2023-24 as ‘year of enterprises’.

Under the one family one enterprise scheme, loans with a maximum ceiling of Rs 1 million are available to entrepreneurs with an effective interest rate of 4% per annum by the directorate of industries and commerce. “We provide an interest subvention of maximum of 6% per annum,” an official said. The loans are provided through the state level bankers committee.

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“The systems created as part of the campaign like  help-desk in  local bodies and other schemes have had a positive impact in enabling an ecosystem in the state which facilitates the opening, sustenance and growth of MSMEs,” S Harikishore, director of industries and commerce, told FE.

Kerala had registered 17,300 MSMEs in the last financial year.

The state government has recruited 1,155 interns in village panchayats and urban local bodies to train entrepreneurs in registering the unit and a major chunk of these interns hold MBA degrees and are professionally equipped, the official said.

The department has been conducting MSME clinics with a panel of experts in the areas including law, goods and services tax, banking, marketing and detailed project report preparation. 

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First published on: 22-11-2022 at 04:10 IST