MSMEs in Kerala will Total 1.5 lakh by End of Current Fiscal: Minister

KOCHI:
As many as 42,300 micro, small and medium enterprises got registered in Kerala during the first quarter of the current financial year, prompting the government to re-estimate its target from 1 lakh to 1.5 lakh MSMEs by the end of 2022-23, Minister for Law, Industries and Coir P. Rajeeve said today.

Kerala had only 17,300 MSMEs registered in the whole the last financial year, he said after inaugurating a new facility of Innovature at Infopark Phase 2 SEZ in Kakkanad, 15 km north of the city.

“We are a state with the fragile Western Ghats on one side and a coast with regulations zone act on the other. In between, we have eco-sensitive zones. These imply we can go only vertically. The government encourages industrial projects requiring less land,” he noted, while addressing the employees of the 2005-founded software firm. Focused on Japanese clients, Innovature, with 500 employees and a working space of 20,000 square feet, is targeting a growth of 2,000 employees by 2025.

P. Rajeeve also said the government has decided to give non-IT startups all the exemptions their IT counterparts enjoy. The government has decided to provide certain discounts even to non-IT businesses with 10 acres of land, along with a grant of Rs 3 crore.

To further improve ease of doing business, firms with an investment of up to Rs 50 crore need to secure licence only within six months of commencing operations. For firms of above Rs 50 crore investment, licence will be given 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 pointed out, adding that errant officials will be penalised.

Kerala IT Parks CEO John M. Thomas, in his keynote address, said that global digital commerce is expected to be worth 4,00,000 crore US dollars by 2030. “IT firms like Innovature are trying to make best use of this opportunity,” he noted.

Innovature Global CEO Gijo M.S. said the state has been a model for the country in IT industry. Recalling how the activities of the 1990-established Technopark aided the growth of Kerala’s IT sector, he said Innovature’s business focus on Japan gives it an upper hand vis-à-vis the rest of the companies in the state. “Research and innovation are Innovature’s biggest assets. The company’s uncompromising take on quality has always boosted its profile,” he added.

The company’s India CEO Ravindranath A.V. welcomed the gathering, where the other speakers included Innovature Director Tiby Kuruvila, NASSCOM Regional Head Sujith Unni, InJack Secretary Jacob Kovoor N., Akira Furusawa of Japan office and Trans Asia Group Vice President Mathew Cherian.
Innovature Manager (Facilities & Administration) A.M. Anoosh Kumar proposed thanks.