Kerala inches to reach one lakh MSMEs target; 89,000 MSMEs in FY23 so far

Kochi, Nov 22 (KNN) The Kerala government has set up about 89,000 MSMEs in the current financial year and will soon meet the target of creating 1,00,000 MSMEs.

According to a report by Financial Express these enterprises have already committed an investment of more than Rs 5,500 crore.

An official with the directorate of industries and commerce told Financial Express that these MSMEs are expected to generate employment of 200,000 in the next couple of years.

The target was to create 300,000 – 500,000 jobs in the MSME sector which was set by Chief Minister Pinarayi Vijayan while launching the scheme in March.

The state government is also observing 2023-24 as ‘year of enterprises’.

“The systems created as part of the campaign like help-desk in local bodies and other schemes have had a positive impact in enabling an ecosystem in the state which facilitates the opening, sustenance and growth of MSMEs,” S Harikishore, director of industries and commerce, told FE.

Under the one family one enterprise scheme, loans with a maximum ceiling of Rs 1 million are available to entrepreneurs with an effective interest rate of 4% per annum by the directorate of industries and commerce. (KNN Bureau)