Kochi, June 28 (KNN) The Kerala government will soon launch an insurance scheme for MSME units and the State government will bear 50% of the premium with a monetary cap, said Minister for Law, Industries and Coir P Rajeeve, on Tuesday.

Inaugurating the International MSME Day celebrations, the Minister also announced a slew of schemes that will boost the role of MSME sector in State’s economic development.

The event was organised by the Department of Industries and Commerce in association with Directorate of Industries and Commerce, Kerala Bureau of Industrial Promotion (K-BIP) and Kerala State Industrial Development Corporation (KSIDC).

The government will provide Rs 1 lakh each to 1,000 MSME ventures of more than three years of existence for scaling-up projects, he said.

As a part of this, up to Rs 2 crore will also be given as capital investment for approved projects.

“The insurance scheme and other projects in the offing will substantially help the MSME sector, especially the budding enterprises,” he said.

To encourage entrepreneurship at a young age, a proposal to grant Campus Industrial Park status to engineering colleges having at least five acres of land at their disposal is on the anvil, said the minister.  (KNN Bureau)