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28/06/2021 11:50am

Kerala govt announces Rs 1416 crore COVID-19 special package for MSMEs

image Kerala govt announces Rs 1416 crore COVID-19 special package for MSMEs

Thiruvananthapuram, Jun 28 (KNN) The Kerala government has announced a special package of Rs 1416 crore for Micro, Small and Medium-sized Enterprises (MSMEs) amid COVID-induced economic crisis.

P Rajeev, Minister for Industries and Law, Kerala made the exciting announcement on the World MSME Day.

''The scheme is introduced to support enterprises that are struggling due to COVID-19 regulations and a lockdown and the government aims to help them back on their feet,'' he added.

Reportedly, the support includes the government providing 50 per cent of the interest for loans taken by MSMEs and increasing subsidy support for new enterprises from Rs 20 lakh to Rs 30 lakh. For enterprises in the industrially backward districts of Kasaragod, Wayanad and Pathanamthitta, the subsidy would be Rs 40 lakh.

The support also includes more relief in interest rates and in rentals for industries that function under the Kerala Industrial Infrastructure Development Corporation (KINFRA) and Kerala State Industrial Development Corporation (KSIDC).

Apart from that, industries which have capital investment upto Rs 10 lakh, will be provided with interest rate subsidy. Earlier subsidy was only for units that had a capital investment of upto Rs 5 lakh.

The minister said that the scheme will be available from July to December 2021.

The MSME Day is celebrated every year on June 27 to recognise the contribution of MSME industries in the implementation of the Sustainable Development Goals (SDGs).

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