US Recognition for the Year of Entrepreneurship Project

KOCHI:
The American Society of Public Administration, the world’s largest body of policymakers, has awarded Kerala’s Year of Entrepreneurship (YoE) project the “Innovation in Public Administration” title.

This is the first time in the professional body’s 87-year history that a project from India has been recognised.

Industry Minister P Rajeeve has been invited to make a presentation on the project at the society’s annual conference, which will be held in Washington from March 28 to April 1, 2025.

IIM Indore Director Himanshu Rai announced this at a function held in Kochi to hand over the impact evaluation report of the ace management institute on the YoE project to the government.

“The ASPA annual conference is an international forum eagerly awaited by public administration experts from around the world. The discussions in it will even influence the policymaking of many countries,” Rai said.

“It is no small feat to present Kerala’s achievements in such a forum. With this, Kerala’s proud project will be presented before experts representing 150 countries.”

The report reveals that the YoE initiative has resulted in the setting up of more than three lakh enterprises and created over seven lakh jobs. Another study conducted by the Center for Management Development in Thiruvananthapuram on the same subject was also submitted to the government.

Rajeeve said these reports will help the government create more jobs and increase investment.

“Study reports by independent agencies outside the government provide a great opportunity,” the minister said.

“They will help identify shortcomings and resolve them promptly. The government is taking their recommendations and suggestions very seriously.”

Shri Roy said the achievement is a reality beyond the extreme projections. During the survey, 92 per cent of MSME participants expressed satisfaction with the YoE (2022-23) initiative, and 94 per cent said banks had provided good support.

They said it has resulted in improved subsidy assistance, access to loans, training and marketing assistance, a strong commitment to environmental health and safety systems, and profitability growth, in addition to a post-COVID-19 business surge.

Also, customer support and the application process are YoE’s most valued features, suggesting that entrepreneurs highly appreciate the accessibility and responsiveness of the support provided.

Before COVID-19, 79 per cent of entrepreneurs said banks’ approach to micro, small, and medium enterprises was undesirable.

Also, a whopping 91 per cent of respondents were satisfied with the financial policy aid options, unlike 67% of the MSMEs during COVID-19 and the Financial Year 2021-22.

Principal Secretary of the Industries Department APM Muhammed Haneesh said other states are now copying Kerala’s industrial policies, which is also a recognition.

Prof Prashant Salwan of IIM-I presented its study methods, research results, and suggestions.

G Suresh, Former Director of the CMD, Department of Industries and Commerce Additional Directors Dr KS Kripa Kumar and Rajeev G, and others were also present.