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Keralites turn to entrepreneurship to brave pandemic-induced job loss

According to the corporation, the supply chain disruption due to Covid-19 and decline in Chinese imports have thrown up opportunities for local manufacturers.

Published: 31st August 2020 03:17 AM  |   Last Updated: 31st August 2020 03:17 AM   |  A+A-

Kerala CM Pinarayi Vijayan

Kerala CM Pinarayi Vijayan (Photo | EPS)

Express News Service

THIRUVANANTHAPURAM: The Chief Minister’s Entrepreneurship Development Programme has once again brought Keralites’ spirit to rise above adversities to the fore. Over 2,000 people have applied for the scheme, which was launched with the aim to help those who lost jobs due to the Covid-19 pandemic. The ideas ranged from food processing units to information technology and robotics, while an even smarter candidate wanted to start a thermal scanner manufacturing unit.

Based on these ideas, the Kerala Financial Corporation (KFC), the implementing agency, has shortlisted around 200 candidates, who would be given an initial training by the Gulati Institute of Finance and Taxation. A batch of 50 candidates has already completed the training, while the rest will undergo the session in the coming week.

“The corporation will handhold the entrepreneurs, in addition to launching a professional mentoring service for them under the brand name KFC Connect,” said Sanjay Kaul, chairman and managing director of KFC.

“The variety of proposals is amazing. Ventures in the sectors of IT and food processing top the list. There are also people who want to venture into mobile applications, robotics, manufacturing of mattresses, water pump, thermal scanner, agro-machinery, automatic street lighting, decarbonising project, and the like. Around one dozen ready-to-launch projects will get their first sanction in early September,” he added.

The CMEDP targets to finance 1,000 units annually and 5,000 units in the next five years. Up to 90 per cent of the project cost will be given as loan with an upper ceiling of Rs  50 lakh. The interest rate is 7 per cent and the repayment period five years. The state government is giving 3 per cent interest subvention on KFC’s original loan interest of 10 per cent. The upper age limit for the potential entrepreneur is 50 years.

According to the corporation, the supply chain disruption due to Covid-19 and decline in Chinese imports have thrown up opportunities for local manufacturers. The CMEDP aims to boost local production through facilitating capital and handholding service. The fund required for the programme, Rs  1,500 crore, is being raised by the KFC through bank borrowings and market issue.

Over 2,000 apply for CM’s entrepreneurship scheme
More than 2,000 people have applied for the Chief Minister’s Entrepreneurship Development Programme, which was launched with the aim to help those who lost jobs due to Covid-19.



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