Kerala, India has seen an unprecedented amount of activity in the MSME sector. With over 10,000 new MSMEs registered in the state since 2023, the Kerala government has been instrumental in supporting small businesses and entrepreneurs through various schemes and initiatives. The Made in Kerala campaign has been one such initiative to encourage local manufacturing and support MSME projects.
This article will provide an overview of these initiatives and schemes by the Kerala government that have helped MSMEs grow in the region.
Made in Kerala gone viral by MSME registrations
The Made in Kerala initiative has been a great success story. Recently, the state of Kerala announced that it had crossed the landmark of 10,000 new MSME registrations in 2023.
MSMEs (Micro Small & Medium Enterprises) are seen as the backbone of any economy and are major drivers of economic growth. They are a crucial source of wage employment and contribute to the GDP by generating more value added products. This milestone achieved by Kerala is an indication that the state is on its way to becoming an entrepreneurial hub for MSMEs.
The government has implemented several policy initiatives such as tax exemptions, skill development programs and access to credit in order to make it easier for entrepreneurs to set up their businesses in Kerala. The objective is to boost job creation and support local industry while encouraging innovation and creativity amongst citizens.
Kerala government initiatives on MSME Projects
Kerala is taking major strides to become one of the leading states in India for its MSME sector. The newly announced target of registering 10,000 new MSMEs by 2023 has been welcomed by industry bodies and entrepreneurs alike.
The initiative is part of the 'Made in Kerala' mission which was launched by Chief Minister Pinarayi Vijayan with an aim to strengthen the state's economy and help MSMEs across various sectors, including manufacturing, retail and services. The government has allocated a budget of Rs 1,200 crore for this project for FY 2021-22, which will be used to support infrastructure development, skill upgrading and marketing support for micro enterprises in Kerala.
The move comes as a huge boost for entrepreneurs who are looking to set up their own businesses or expand existing ones.
MSME Scheme in Kerala to support MSME Projects
Kerala is known for its progressive approach to the development of Micro, Small and Medium Enterprises (MSMEs). The State Government has launched several schemes and initiatives to promote MSME projects in the state. The objective is to make Kerala a major hub for manufacturing and production in India, with special focus on 'Made in Kerala' products.
The government's flagship initiative called 'Humara Kerala' supports MSMEs operating in different sectors. This scheme provides access to finance, skill training programs, technology upgradation assistance, promotional activities and market linkages for entrepreneurs. Additionally, it provides assistance with infrastructure needs like land acquisition costs and funding support through subsidies.
Final words
In conclusion, the new 10,000 MSME registrations in Kerala signify the state government’s commitment to driving economic growth and providing support to its MSME sector. The various initiatives and schemes launched by the government are evidence of their efforts to create an enabling environment for MSME entrepreneurs. This is an important step towards creating more jobs, increasing capital investments and improving economic mobility across the region.
