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Business News | Registered MSMEs in Kerala Expected to Rise to 1.5 Lakh by End of 2022-23

Thiruvananthapuram (Kerala) [India]July 24 (ANI): Around 42,300 micro, small and medium enterprises were registered in Kerala in the first quarter of the current financial year, prompting the government to revise its target of 1 lakh to 1.5 lakh MSMEs by the end. of 2022-23, said state Law, Industries and Coir Minister P Rajeev.

Kerala had only 17,300 MSMEs registered in the last financial year, the minister said after inaugurating a new innovation facility at Kakkanade Infopark Phase 2 SEZ.

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“We are a state with the fragile Western Ghats on one side and a coast with regulation zone laws on the other. We have eco-sensitive zones in between. This means we can only go vertical. The government encourages industrial projects with less land requirement. To employees of a software firm founded in 2005 He mentioned.

With a focus on Japanese clients, Innovation, with 500 employees and 20,000 square feet of work space, is targeting growth to 2,000 employees by 2025.

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Rajeev also said that the government has decided to give non-IT startups all the concessions enjoyed by their IT counterparts. The state government has also decided to give some concessions to non-IT businesses with 10 acres of land with a grant of Rs 3 crore.

To further improve ease of doing business, companies with an investment of up to Rs 50 crore will only need to secure a license within six months of commencing operations. For companies with an investment of more than Rs 50 crore, the license will be granted within seven days of application, he said.

Industries now have grievance redressal forums at both district and state levels Their decisions are binding on all departments of the government, the minister noted, adding that erring officials will be punished.

John M Thomas, CEO, Kerala IT Park, in his keynote address said that global digital commerce is expected to be worth US$ 4,00,000 crore by 2030.

“IT companies like Innovator are trying to make the best use of this opportunity,” he noted.

Innovation Global CEO Jijo MS said the state was a model for the country in the IT industry. Recalling how the activities of the 1990-established Technopark helped in the growth of Kerala’s IT sector, he said Innovation’s business focus in Japan gives it an edge over companies in the rest of the state.

“Research and innovation are Innovation’s greatest assets. The company’s uncompromising commitment to quality has always raised its profile,” he added. (ANI)

(This is an unedited and auto-generated story from a syndicated news feed, most recent staff may not have changed or edited the content body)

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