About 15% Kerala Msmes Closed Down Within A Year

2023-09-19 04:49:06

(MENAFN- KNN India) About 15% Kerala MSMEs Closed Down Within A Year

Kasaragod, Sept 19 (KNN) Nearly 15 per cent of the over one lakh micro, small, and medium enterprises (MSME) started as part of Kerala's Year of Enterprises last year have shut their business, said Minister for Industries P Rajeeve on Monday.

But that is half the death rate of enterprises in the country, he said.

He said around 30 per cent to 40 per cent of new businesses die in India, attributing the numbers to the Union government's MSME Development and Facilitation Office in Thrissur.

Crediting the state government, he said,“We were able to halve the closure rate of enterprises in Kerala.”

He said this while inaugurating Rising Kasaragod, an investors' meet organised by the District Panchayat.

The minister was responding to a report aired by Manorama News on Monday that 18,315 of the new ventures started in the Year of Enterprises have closed.

The report said Malappuram saw the highest number of closures with 2,031 businesses winding up.

It said 1,880 MSMEs closed in Palakkad, 1,845 in Kannur, and 1,829 in Ernakulam.
(KNN Bureau)

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