Kerala Unveils 'Mission 1,000' to Boost MSMEs with 40% Capital Investment Subsidy

The state of Kerala has introduced an innovative initiative known as "Mission 1,000" under the 'Make in Kerala' initiative, to propel the development of Micro, Small, and Medium Enterprises (MSMEs). This ambitious scheme is designed to pinpoint and uplift 1,000 MSMEs over four years, ultimately assisting them in reaching a combined turnover of Rs 1 lakh crore.

The goal is to increase the overall revenue of these businesses to Rs 1 lakh crore within four years. This is a massive undertaking, but it has the potential to create thousands of new jobs and boost the state's economy.

Selected businesses will be provided with a variety of incentives, including a 40% capital investment subsidy limited to Rs 2 crore, interest subvention for working capital loans, and one-on-one handholding from a government official.

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The government is willing to help by paying half of the interest one owes on their loans, up to a significant Rs 50 lakh, for four years. This financial assistance is certain to encourage business growth and creative thinking.

To qualify for the subsidy, MSMEs need to hold a valid UDYAM registration and demonstrate a history of at least three years in operation by March 31, 2023. Conveniently, applications can be submitted on the website www.mission1000.industry.gov.in.

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Furthermore, to ensure the success of these selected enterprises, the industries department will provide them with invaluable guidance and support. With the guidance of these dedicated officers, the chosen MSMEs are destined for greatness.

The Mission 1,000 initiative is expected to have the same effect on MSMEs in Kerala. The subsidy and other incentives will help MSMEs to grow and thrive. As a result, MSMEs will create more jobs and contribute more to the state's economy.

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