The government is planning to provide scale- up support for an additional 250 micro, small and medium enterprises (MSMEs) this year in the first phase of the Mission 1000 initiative aimed at scaling up 1,000 MSMEs into businesses with an average annual turnover of ₹100 crore in a span of four years. The selection process to identify the 250 MSMEs would be conducted soon, said Industries Minister P. Rajeeve while speaking after inaugurating the first phase selection of 88 MSMEs from across the State under ‘Mission 1000’ scheme here on Thursday.
Mr. Rajeeve also launched the online portal for availing subsidies under ‘Mission 1000’.
Noting that the new Industrial Policy focuses on the possibilities in Kerala, the Minister said more than two lakh enterprises had been set up from April 2022 till December 2023 as part of the ‘Year of Entrepreneurship’ initiative and around 62,000 of them were women-led ventures.
Antony Raju, MLA, presided over the function. Principal Secretary (Industries), Suman Billa said ‘Mission 1000,’ would seek to give a hand-holding to industry to move to the next level by easing the process of doing business, besides extending various benefits including a 40% capital investment subsidy to entrepreneurs.
Director of Industries S. Harikishore, KINFRA Managing Director Santhosh Koshy; State Level Bankers Committee (SLBC) Kerala Convenor S. Premkumar and CII Kerala former Chairman P. Ganesh were also present.
The selected enterprises will get supports including financial aid of up to ₹1 lakh to prepare Detailed Project Report (DPR) for scaling up the venture, fixed capital assistance up to 40% (limited to ₹2 crore) for the cost of expansion/ scaling up and reimbursement of 50 % of interest paid for working capital loan (limited to Rs.50 lakh).
