Kerala will launch a consolidated approach to attract investors and entrepreneurs to the State by coordinating regulatory clearances, financial packages, and special assistance to women and startups as part of observing MSME Day.

The effort will be spearheaded by Kerala State Industrial Development Corporation (KSIDC), the state’s flagship investment promotion agency.

A major initiative involves providing financial assistance to entrepreneurs setting up units in private industrial parks also. “We will extend financial assistance to entrepreneurs operating in private parks also, based on their lease agreements,” said MG Rajamanickam, Managing Director, KSIDC.

According to existing policy, financial assistance based on leasehold rights is only for enterprises functioning from industrial parks promoted either by KSIDC or Kerala Industrial Infrastructure Development Corporation (KINFRA).

KSIDC is also launching the ‘Enterprise on your fingertip’ campaign to highlight the third version of the online clearance system K-Swift (Single Window Interface for Fast and Transparent Clearance). The current version delivers 90 integrated services from 21 departments and agencies. Version 3.0 will include clearances from Food Safety Standard Authority, Drug Control Department, and Healthcare Department, besides incorporating more services under the Local Bodies Department and Pollution Control Board. The mobile application of K-Swift is also underway.

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

The financial assistance mainly comprises the Chief Minister’s Special Assistance Scheme, startup funding, and special assistance to women entrepreneurs. Under the CM’s Special Assistance Scheme, financial assistance of ₹25 lakh to ₹2 crore will be provided to entrepreneurs in the manufacturing and service sectors. Special assistance of ₹25 lakh is also proposed for women entrepreneurs.

Two special schemes for startups is another highlight — KSIDC will provide ₹25 lakh as primary capital assistance to innovative startups and up to ₹50 lakh for scaling up existing startups.

Rajamanickam said Kerala had implemented 93.5 per cent of the suggestions made by the Union Government for state-level reforms to improve the ease-of-doing-business environment. The Centre has approved 91 per cent of the reforms undertaken by the state. The government is observing 2022 as the year of entrepreneurship and targets setting up 100,000 enterprises.

Attribution- https://www.thehindubusinessline.com/companies/msme/msme-day-kerala-chalks-out-consolidated-approach-to-attract-investors/article65575293.ece