As part of the pioneering ‘Mission 1000’ initiative, the government will select 250 micro, small and medium enterprises (MSMEs) this year apart from 88 MSMEs already selected for extending scale up support in the first phase of the project, Minister for Industries, Law and Coir P. Rajeeve said today.
“One more selection process will be conducted soon to select a minimum of 250 MSMEs under this scheme,” Rajeeve said while inaugurating the first phase selection of 88 MSMEs from across the state under ‘Mission 1000’ scheme, here.
Rajeeve also launched the online portal for availing the subsidies under ‘Mission 1000’ on the occasion.
Launched in April 2023 by the Department of Industries and Commerce, ‘Mission 1000’ aims at scaling up 1000 MSMEs into businesses with an average annual turnover of Rs. 100 crore in a span of four years.
Noting that the new Industrial Policy focuses on the possibilities that arise in Kerala, Rajeeve said more than two lakh enterprises have been set up from April 2022 till December 2023 as part of the ‘Year of Entrepreneurship’ initiative and around 62,000 of them are women-led ventures.
“The Department of Industries and Commerce has envisaged intense campaigns in all local self-government institutions. As part of the campaigns, a meet of entrepreneurs will be conducted in all panchayats this month,” the Minister added.
Antony Raju, MLA, who presided over the function, said the ‘Mission 1000’ scheme offers a unique opportunity for entrepreneurs in the state.
Principal Secretary (Industries), Government of Kerala, Suman Billa, in his welcome address, said the Department of Industries and Commerce is taking all efforts to promote entrepreneurship at the grassroot level.
Billa said through ‘Mission 1000,’ the Department of Industries and Commerce aims to give a hand-holding to industry to move to the next level by easing the process of doing business, besides extending various benefits including a 40 percent capital investment subsidy to entrepreneurs.
Director of Industries and Commerce and Managing Director KSIDC S. Harikishore said the 88 MSMEs selected under the scheme will set an example for budding entrepreneurs, inspiring them to function better and scale up their business.
KINFRA Managing Director Santhosh Koshy; State Level Bankers Committee (SLBC) Kerala Convenor S Premkumar; KSSIA State President A. Nizarudeen; and CII Kerala former Chairman P Ganesh were also present.
The selected enterprises will get supports including financial aid of up to Rs One lakh to prepare Detailed Project Report (DPR) for scaling up the venture, fixed capital assistance up to 40 percent (limited to Rs 200 lakh) for the cost of expansion/ scaling up and reimbursement of 50 percent of interest paid for working capital loan (limited to Rs 50 lakh).
Besides, each selected enterprise will get one–to-one hand-holding by an officer from the Department of Industries and Commerce in their various scaling-up related activities.
To apply for ‘Mission 1000’ scheme, MSMEs should be registered in Kerala with valid UDYAM registration, operational for at least three years as of March 31, 2023, and must be engaged in manufacturing or service activities (units engaged in trade activities are not eligible).
An online portal (mission1000.industry.kerala.gov.in) was launched for MSMEs to apply for the scheme on April 10, 2023. More than 500 applications were received in the portal, out of which 180 applications were received at the Directorate level after their scrutiny.
The first set of 152 eligible applications was presented before the State Level Approval Committee (SLAC) chaired by Principal Secretary, Industries & Commerce on December 21, 2023.
Out of the 152 applications, 88 applications were approved by the SLAC for enrolling under the first batch of ‘Mission 1000’ scheme. A cut-off score of 60 marks was decided by the SLAC for considering future applications under the scheme.
As the first stage of scaling up activity, the selected enterprises are required to prepare a scale-up DPR with the assistance of any consultant empanelled by the state government. All the scale-up related activities shall be evaluated based on the prepared DPR.