Over 50,000 Enterprises registered in 145 days as part of One Lakh Enterprises Initiative

Hon’ble Minister for Industries, Law and Coir announced on 26th August the milestone achievement of registering 50,000 new enterprises in Kerala as part of the One Lakh Enterprises initiative of the Government. The Financial Year 2022-23 has been declared as the Year of Enterprises. The Industries Department has undertaken a slew of activities for promoting new enterprises in the State and as part of this, 1153 professionals are appointed in all local bodies to identify and handhold aspiring entrepreneurs in starting the enterprises by availing the services offered by various government departments, agencies, PSUs and banks.

The achievement of registering 50,000 new enterprises was achieved in a remarkable timeframe of 145 days.Investment worth Rs. 2970 Crores and 1,10,185 new jobs have been created in the State as a result.Malappuram tops the list in the number of units (5743) followed by Ernakulam (5282).More than 4000 units have registered in Thiruvananthapuram, Palakkad, Kollam, Thrissur and Kozhikode districts. Kasaragod, Wayanad and Idukki districts combined have registrations over 4000 units and created more than 8000 jobs.

One third of the newly formed enterprises (16038 units) are promoted by women entrepreneurs. 2300 new enterprises promoted by SC/ST entrepreneurs are also among the 50,000.

The top sectors in which new enterprises have formed are as follows:

Sl. No. Top sectors New enterprises Investment (Rs. Crore) Jobs created
1 Agro & Food processing 7,500 400 19,500
2 Garments & Textiles 5,800 250 12,000
3 Electrical & Electronics 2,100 120 3,900
4 Service activities 4,300 270 9,900
5 Trade Activities 17,000 980 32,000

In the loan, license, subsidy campaigns that are taking place at local body levels as part of the initiative, loan applications worth Rs. 9 Crore and 1326 license applications have been approved. Number of subsidy application processes has crossed 850.