Kerala for consolidated approach to lure investors

As part of campaign to promote MSMEs sector

M.G. Rajamanickam, Managing Director, KSIDC. | Photo Credit: Special Arrangement

Kerala is all set to launch a consolidated approach to attract investors and entrepreneurs to the State by coordinating regulatory clearances, financial packages, and special assistance to women and start-ups as part of a campaign to promote the Micro, Small & Medium Enterprises (MSMEs) sector.

The consolidated approach will be spearheaded by the Kerala State Industrial Development Corporation (KSIDC), the flagship investment promotion agency of the State Government.

A major initiative under the new approach is to provide financial assistance to entrepreneurs setting up units in private industrial parks also. "We will extend financial assistance to entrepreneurs operating in private parks based on their lease agreements", a press note quoting M.G. Rajamanickam, Managing Director, KSIDC, said on Wednesday.

The KSIDC is also launching ‘Enterprise on your fingertip’, an aggressive campaign to highlight the third version of K-SWIFT (Single Window Interface for Fast and Transparent Clearance), the online clearance system under the single window mechanism. The mobile application of K-SWIFT is also getting ready.

The State Single Window Clearance Board has cleared 85 projects with an estimated investment of ₹31,023 crores.

The financial assistance mainly comprises the Chief Minister's Special Assistance Scheme, start-up funding, and special assistance to women entrepreneurs.

Under the special assistance scheme, financial aid of ₹25 lakh to ₹2 crore will be provided to entrepreneurs in the manufacturing and service sectors. Special assistance is also proposed for women entrepreneurs to the tune of ₹25 lakh. Two special schemes for start-ups is another highlight of the financial assistance scheme of the KSIDC. The corporation will provide ₹25 lakh as primary capital assistance to innovative start-ups. The KSIDC also has a scheme to provide up to ₹50 lakh for scaling up the existing start-up enterprises.

Mr. Rajamanickam said Kerala had implemented 93.5% of the suggestions made by the Union Government for State-level reforms to improve the ease of doing business environment.