In a major boost to the Micro, Small and Medium Enterprises (MSME) in Kerala, Minister for Law, Industries & Coir, Shri P Rajeeve has announced that an insurance scheme for the units in this segment will be rolled out soon, with the State Government bearing 50 per cent of the premium with a monetary cap.
Inaugurating the International MSME Day celebrations here, the Minister also unveiled a clutch of other schemes that will rev up the MSME sector considering its vital role in the state’s economic development. The event was organised by the Department of Industries and Commerce in association with the Directorate of Industries and Commerce, Kerala Bureau of Industrial Promotion (K-BIP) and Kerala State Industrial Development Corporation (KSIDC).
He said the government will provide Rs One lakh each to 1,000 MSME ventures of more than three years of existence for preparing scaling-up projects. “As part of this, up to Rs Two crores will also be given as capital investment for approved projects. The insurance scheme and other projects in the offing will substantially help the MSME sector, especially the budding enterprises.”
As part of the ambitious One Local Body One Product (OLOP) project, launched during the ‘Entrepreneurship Year,’ the Department of Industries and Commerce will provide Rs. 50,000 each to Local Self Government Institutions (LSGIs) to meet the expenses for preparing the detailed project reports (DPRs).
Chief Secretary of the Government of Kerala, Dr V P Joy said the government has ushered in an industrial revolution in the state, enabling MSMEs to make major strides.
In his address, Principal Secretary, Industries, Shri A. P. M. Mohammed Hanish, said coordination of various departments and LSGIs is important for further strengthening the MSME sector.
Director, Industries and Commerce, Shri S Harikishore; Officer on Special Duty, Industries, Smt Anie Jula Thomas; SLBC Kerala Convenor; S Premkumar; RIAB Chairman; Dr R Ashok; Kinfra Managing Director; Santhosh Koshy Thomas; KSSIA State Vice President; Fazeeludeen; CII Kerala Representative; Ajay George Varghese; and TiE Kerala President; Damodar Avanoor were also present.