Ernakulam Becomes First District In Kerala To Register 10,000 New MSMEs
Vakilsearch.com is the pioneer online platform that provides legal services to startups, corporates and professionals in India.
Kerala, 26 Jan 2023 10:30 AM GMT | Updated 7 March 2023 11:58 AM GMTcheck update history
Creatives : Ankita Singh
A literature lover who likes delving deeper into a wide range of societal issues and expresses her opinions about the same. Keeps looking for best-read recommendations while enjoying her coffee and tea.
MSME registration gives Indian residents the opportunity to branch out on their own. In doing so, they benefit society by creating new jobs and diversifying India's gross domestic product.
Ernakulam has become the first district in Kerala to register over 10,000 new MSMEs. MSME registration gives Indian residents the opportunity to branch out on their own. In doing so, they benefit society by creating new jobs and diversifying India's gross domestic product.
The MSME sector has gradually and steadily revived the artisan class in remote areas of India by providing employment, access to loans, and other services. Furthermore, they have constantly promoted infrastructure development, technical progress, and the nation's and society's industrialization.
Since Kerala has a high proportion of MSMEs in the country, the state is well-suited for the expansion of the MSME sector. This is due to its great connectivity, communication network, availability of highly qualified people resources, and reasonably adequate industrial infrastructure.
According to the MSME Annual Report 2020-21, Kerala has India's 12th highest number of MSMEs, employing approximately 44.64 lakh people. The Government of Kerala (GoK), in the last financial year's budget, had proclaimed 2022-23 as the ‘Year of Enterprises’ with the tagline "My enterprise, Nations' pride".
This new project is part of the government's ongoing efforts to foster economic growth and social and economic development in the state, despite the hurdles of pandemics, natural disasters, and resource limits.
The good news is that Ernakulam became the first district to register 10,000 new micro, little, and medium-sized firms (MSME), almost ahead of schedule with the State and in compliance with the Year of Enterprises Campaign 2022. Moreover, Malappuram and Thrissur have also crossed the 10,000 mark of new registration.
The cooperative efforts of several government ministries aim to create one lakh new firms and provide three to five lakh employment opportunities through this project to support and develop Micro, Small, and Medium level entrepreneurs in the state.
In the long term, the government intends to create a sustainable ecosystem for industries in the region by further strengthening the convergence of various departments' activities and bringing about sectoral and thematic capacity building, enabling technology sourcing, transfer, and implementation, establishing a Kerala Brand certification for quality control, and so on.
The credit guarantee trust fund system established by the government of India, the Small Industries Development Bank of India, and the Ministry of Micro, Small, and Medium Enterprises is available to all micro and small businesses.
The Indian government provides funding for MSME delegations to attend international trade fairs, exhibits, business meetings and seminars, and conferences conducted worldwide. This international collaboration programme exposes MSMEs to the most recent features of the industry.
Existing laws provide a 50% reduction in patent registration charges for MSMEs. This encourages startups and small businesses to keep exploring new ideas and technology.
MSME businesses are qualified for electric bill discounts. Micro, small, and medium-sized businesses can apply for the concession through the electricity department.
Also Read: International Trademark Registration Is Mandatory For Business Beyond Borders