Kerala hopes to exceed official target of 1 lakh registered MSMEs to 1.5 lakh in FY23

Thiruvananthapuram, July 25 (KNN) The Kerala government is expecting to surpass its official target from 1 lakh to 1.5 lakh registered MSMEs in FY23, said Industries, Law and Coir Minister P Rajeev.

During Q1FY23 about 42,300 micro, small and medium enterprises (MSMEs) got registered in the state.

He said this after inaugurating a new facility of Innovature at Infopark Phase 2 SEZ in Kakkanad last week.

In the previous fiscal year Kerala had only 17,300 MSMEs registered in the whole year.

Owing to the geographical location of the state, he said the government encourages industrial projects requiring less land.

Focused on Japanese clients, Innovature, with 500 employees and working space of 20,000 square feet, is targeting a growth of 2,000 employees by 2025.

He spoke about the exemptions that are now available for non-IT startups which their IT counterparts enjoy.

“The state government has decided to provide certain discounts even to non-IT businesses with 10 acres of land, along with a grant of Rs 3 crore,” he added.  (KNN Bureau)