Kerala Govt’s Year of Enterprises project gets recognition for ‘best practice model’ to promote MSMEs

Ease of Doing Business for MSMEs: The Kerala government’s Industries department got recognition from the centre for its Year of Enterprises project which was selected as one of the best practices in the ‘Thrust on Micro, Small and Medium Enterprises (MSMEs)’ category, as per a report by the Press Trust of India (PTI). Under this project, more than one lakh enterprises were set up in eight months in the state of Kerala. 

The Year of Enterprises has been regarded as the best practice model in the second Chief Secretaries National Conference held in New Delhi from Janurary 5-7, as per an official release, the report noted. 

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The project by Kerala Government was started in the current fiscal year with the aim to create one lakh enterprises in one year. The state government achieved the goal in eight months, said Kerala Industries Minister P Rajeev. 

As many as 1,01,353 enterprises were set up under the project and the total investment stood at around Rs 6,282 crore by November, 2022, the release added. 

Meanwhile, Kerala Industries Minister, P. Rajeeve had earlier said in December that the state government has set up a target to scale up 1,000 MSMEs and turn them into Rs 100 crore turnover companies in the next three years.

He added that Kerala’s ranking in Ease of Doing Business index has improved to 15th position this year from 28th rank last year. 

The state has witnessed registrations of almost 42,300 MSMEs in the first quarter of this fiscal as compared to only 17,300 MSMEs registered in the state during the entire last fiscal. 

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The Kerala government in September last year had shared a new draft of the industrial policy with a special focus on upgrading skills of youth for future jobs, industries and technologies of the fourth industrial revolution. The policy draft has been structured to align the industrial sector with the state’s vision of responsible and sustainable investments.