Mission 1000: Panel selects 61 more MSMEs for scale-up supports
Insight Online News
Thiruvananthapuram, Mar 7 : The number of MSMEs to be enrolled under the Kerala Government’s Mission 1000 initiative aimed at scaling up 1000 Micro, Small and Medium Enterprises (MSMEs) has gone up to 149 with the State-Level Approval Committee (SLAC) clearing 61 more enterprises for providing various supports.
The Mission 1000 initiative aims at scaling up the total turnover of 1000 MSMEs in the state into Rs. 100,000 crores in a span of four years.
As part of the initiative, 88 units were enrolled in the scheme by the first state-level approval committee (SLAC) held in December 2023.
The second SLAC Meeting for Mission 1000, held on February 29, was chaired by the Principal Secretary, Industries, Suman Billa. The committee included S. Harikishore, Director Industries & Commerce (Convenor), Santosh Koshy, MD, KINFRA (Member) and S Premkumar, Convenor, State Level Bankers Committee (Member).
The units that had submitted their applications through the online portal https://mission1000.industry.kerala.gov.in/ between November 1 and February 23, were taken up for verification and scoring by the Directorate of Industries and Commerce (DI&C).
A total of 103 applications came up before the SLAC for consideration and approval, out of which 61 were approved to be enrolled under the scheme.
The applicants who had scored 60 or above in the evaluation were selected by the committee, as decided in the first SLAC held in December 2023.
Among the 61 units selected, 20 units are from the Micro enterprise category, 30 from the Small category, and 11 units in the Medium category.
The selected enterprises will get support, including financial aid of up to Rs one lakh to prepare a detailed project report (DPR) for scaling up the venture, fixed capital assistance of up to 40 percent (limited to Rs 200 lakh) for the cost of expansion or scaling up, and reimbursement of 50 percent of the interest paid on the working capital loan (limited to Rs 50 lakh).
Besides, each selected enterprise will get one-to-one handholding by an officer from the DIC in their various scaling-up related activities.
