THIRUVANANTHAPURAM: 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, state's Minister for Law, Industries and Coir P Rajeev said.
Kerala had only 17,300 MSMEs registered in the whole the last financial year, the Minister said after inaugurating a new facility of Innovature at Infopark Phase 2 SEZ in
"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. This implies 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 working space of 20,000 square feet, is targeting a growth of 2,000 employees by 2025.
Rajeev also said the government has decided to give non-IT startups all the exemptions their IT counterparts enjoy. The state 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 the ease of doing business, firms with an investment of up to Rs 50 crore need to secure a license only within six months of commencing operations. For firms of above Rs 50 crore investment.