KOCHI: The state government has invested Rs 21,838 crore in establishments opened under the Year of Enterprises programme, Industries Minister P Rajeeve said at the Mission 1,000 conference held by the department on Tuesday.
“The initiatives launched by the government as part of its new industrial policy have enhanced the state’s credibility at the global level. Kerala saw the launch of 3,40,202 enterprises since 2022-23 when the ‘Year of Enterprises’ programme was initiated. The scheme has generated 7,21,000 jobs so far,” said the minister.
Mission 1,000 seeks to launch 1,000 MSMEs in the state with each of them generating an average annual turnover of over Rs 100 crore in the next four years. Rajeeve said tech companies beyond the IT services sector are also showing interest in coming to Kerala.
“Industries needing vast lands may not find Kerala feasible, but we have become a favourite destination for companies providing technology services to large industries. The state is becoming a hub for technologies such as automotive technology, generative AI, and machine learning,” he said, recalling that the state is already a major producer of healthcare technology.
Mission 1,000 shows the state government’s faith in MSME entrepreneurs, having selected 260 in the first phase, the minister said. “The industries department is offering all kinds of assistance,” he added, revealing that the first enterprise to earn Rs 100 crore in revenue will be awarded.
Mission 1,000, which is being implemented under the Union government’s RAMP (Raising and Accelerating MSME Performance) programme, will select 1,000 enterprises based on their performance. The industries department will provide them with incentives for expansion.
The scheme permits a rebate of up to 50% of the interest rate on the working capital loans and financial assistance (up to Rs 1 lakh per enterprise) for preparing DPR for scale-up. An officer from the industries department has been appointed for each selected enterprise to assist them in their various expansion-related activities.