In a major boost to MSME’s in Kerala, Minister for Law, Industries and Coir P Rajeeve, on Tuesday, announced that an insurance scheme for MSME units will be rolled out soon, with the State government bearing 50 per cent of the premium with a monetary cap.

Inaugurating the International MSME Day celebrations, Rajeeve also unveiled a clutch of other schemes that will rev up the MSME sector considering its vital role in the State’s economic development.

The event was organised by the Department of Industries and Commerce in association with Directorate of Industries and Commerce, Kerala Bureau of Industrial Promotion (K-BIP) and Kerala State Industrial Development Corporation (KSIDC).

The Minister said the government will provide ₹1 lakh each to 1,000 MSME ventures of more than three years of existence for scaling-up projects. As a part of this, up to ₹2 crore will also be given as capital investment for approved projects. The insurance scheme and other projects in the offing will substantially help the MSME sector, especially the budding enterprises, he said.

As part of the ambitious ‘One Local Body One Product’ (OLOP) project, launched during the ‘Entrepreneurship Year,’ the Department of Industries and Commerce will provide ₹50,000 each to local self government institutions to meet the expenses for preparing the detailed project reports.

The government also planned to institute annual awards for the best MSME unit and panchayat. Developing a software that can detect the problems being faced by MSMEs in their functional areas is under active consideration, he said.

Aiming at encouraging entrepreneurship at a young age, a proposal to grant Campus Industrial Park status to engineering colleges having at least five acres of land at their disposal is on the anvil.

MSME sector has made the State proud through the outstanding achievement of starting around 1,39,840 ventures last year. Sustaining the momentum, as many as 4,184 new enterprises have been added so far this year. The initiative has succeeded in boosting the confidence of entrepreneurs.

Presiding over the function, Transport Minister Antony Raju said the government has implemented novel ideas to promote ‘Made in Kerala’ products, in which MSMEs have immense possibilities.

Chief Secretary, Government of Kerala, VP Joy, who was the Chief Guest, said the government has ushered in an industrial revolution in the State, which enabled MSMEs to make major strides. Joy, who is retiring from service by this month-end, was felicitated by Rajeeve on the occasion.

A panel session on “MSME Ecosystem of Four Key Sectors and Way Forward” was also held on the sidelines of the programme.