(MENAFN- KNN India)
Thiruvananthapuram, Jan 10 (KNN) The Kerala state government has invested Rs 21,838 crore in enterprises established under its Year of Enterprises programme, Industries Minister P Rajeeve announced during the recent Mission 1,000 conference.
The minister highlighted that the state's new industrial policy initiatives have strengthened Kerala's global standing, with 340,202 enterprises launched since 2022-23, creating 721,000 jobs.
Under the ambitious Mission 1,000 initiative, Kerala aims to establish 1,000 MSMEs, each targeting an annual turnover exceeding Rs 100 crore within the next four years.
Rajeeve noted growing interest from technology companies beyond the IT services sector, emphasising Kerala's emergence as a hub for automotive technology, generative AI, and machine learning, while acknowledging its established position in healthcare technology development.
The state government has already selected 260 enterprises in the first phase of Mission 1,000, demonstrating its commitment to MSME growth.
The industries department has pledged comprehensive support to these businesses, including an award for the first enterprise achieving Rs 100 crore in revenue.
The initiative, implemented under the Union government's Raising and Accelerating MSME Performance (RAMP) programme, will identify 1,000 enterprises based on performance metrics.
To facilitate expansion, the scheme offers substantial incentives, including up to 50 per cent rebate on working capital loan interest rates and financial assistance of up to Rs 1 lakh per enterprise for detailed project report preparation.
The industries department has taken an additional step by assigning dedicated officers to each selected enterprise, ensuring personalised support for their expansion endeavours.
(KNN Bureau)
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