Giving a fresh impetus to the international migration from Kerala post COVID-19, the State government will soon roll out a unique scheme to provide financial support to first-time overseas emigrants from Kerala. Titled ‘Shubhayatra’, the project envisages creating a positive and productive migration ecosystem by providing a financial assistance of up to ₹2 lakh with a tax holiday for six months and attractive interest subvention to meet the incidental expense of eligible candidates.
The project has received administrative sanction and detailed guidelines for availing the financial support are being drafted. Speaking to The Hindu, K. Harikrishnan Namboothiri, Chief Executive Officer, NoRKA-Roots – the implementing agency – said though Kerala has a long history of international migration, the new overseas job aspirants from Kerala often find it difficult to meet the incidental expense required for acquiring regulatory skills and licences in different countries.
Soft loan
For instance, it would be tough for first-time emigrants to meet the cost for attending regulatory examinations or licensing examinations of various countries, service charges of recruiting agencies, visa stamping and attestation expenses, high airfares, and other incidental expenses. To meet this expense, the State government will provide a soft loan – foreign employability skilling assistant and footing the preparatory expense for the migration – in proportional to the salary offered for them by the employer in the recipient country.
The loans would be offered by nationalised and scheduled banks and for this the government will enter into an agreement with them. The government will provide the expense required for providing interest subvention and a six-month tax holiday for the loan. A sum of ₹2 crore has been set aside for offering tax holiday and interest subvention in this financial year. The candidate will get time up to three years for repaying the soft loan.
“This is expected to give a shot in the arm to the quality professional migration from Kerala. Considering the fact that Kerala is indeed the largest remittance-receiving State in India and the economy of the State whose development trajectory is inevitably linked to its emigration history, it is highly imperative to create a productive ecosystem conducive to offering access to affordable quality migration from Kerala in tune with time,” said Mr. Namboothiri.
