The portal will ensure speedy and transparent delivery of concessions, including interest subsidy for reviving MSMEs.

Kerala govt launches website for pandemic-hit MSME industry
news Business Saturday, October 17, 2020 - 09:30

The Kerala government on Friday launched an online portal for speedy and transparent delivery of concessions, including interest subsidy for the revival of Micro Small and Medium Enterprises, hit badly by the economic downturn triggered by the COVID-19 pandemic.

The portal, inaugurated by Industries minister E P Jayarajan, carries all the details of various measures under the Vyavsaya Bhadratha Package, including financial support and concessions for MSMEs reeling under the impact of the pandemic.

Principal Secretary, Industries, Dr K Ellangovan, Industries secretary, APM Mohammad Hanish, were among those present on the occasion.

The interest subsidy on capital credit and term loans availed by MSMEs from financial institutions is a major component of the package.

The Department of Industries has allocated Rs 37.65 crore for meeting this commitment through re-appropriation route, according to a press release.

Under the scheme, MSME units which had availed additional capital credit or additional term loan, either separately or together, from April 1 to December 31 2020, will be entitled for 50 per cent interest subsidy for six months.

A ceiling of Rs 30,000 has been set for single loan and Rs 60,000 for both the loans under this facility, the release said.

The benefit of interest subsidy is also eligible for MSMEs that have availed loans under the Emergency Credit Line Guarantee Scheme (ELGS) under the Centres Atma Nirbhar Bharat project.

As per the current statistics, the banks in the state had provided Rs 4,863.53 crore as loan under 10,4588 accounts.

Over 50,000 MSMEs that have availed loans will benefit from the interest subsidy scheme.

The Directorate of Industries and Commerce (DIC) launched the online portal with the intention of extending the concessions to eligible MSMEs in a time-bound and transparent manner.

For availing the concession, the beneficiaries can directly apply through the portal available on the official website of Directorate of Industries and Commerce "" 

The package, aiming at the overall development of the industrial sector, was worked out on the basis of discussions held by the government with representatives of various industries associations.

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