MSME Scale Up Mission (Mission 1000)
The Scale Up Mission initiative by Government of Kerala is aimed at uplifting 1000 Micro, Small and Medium Enterprises (MSMEs) in the State into businesses with Rs. 100 crore turnover within four years. MSMEs will be selected through an objective and transparent process. The pre-qualifications for MSMEs to be selected for the Scale Up Mission include
- being registered in Kerala with UDYAM registration
- being in operation for at least three years as of March 31, 2023, and
- being engaged in manufacturing or service activities.
An online portal will be developed for MSMEs to apply for being selected under the initiative, and a scoring-criteria based on information submitted on the portal will be used to identify the top 1000 units for the project. The scoring criteria includes investments, annual turnover, profit, capacity utilization, exports, number of employees, promoters' CIBIL score, and details of certifications obtained.
Selected units will be provided with various incentives to encourage their growth, such as
- Capital Investment Subsidy up to 40% (maximum Rs. 2 Cr)
- Interest subvention for working capital loans up to 50% of the interest rate (limited to Rs. 1 Cr)
- Financial assistance for preparation of DPR for scale (up to Rs. 1 lakh per Enterprise),
- special assistance for technology innovation and skills,
- special assistance in obtaining quality certifications, and
- One to one handholding by assigning an officer from the Industries Department to each selected enterprises to assist them in their various scaling-up related activities.
- priority in all schemes and incentives of the Industries Department
The Scale Up Mission project provides a unique opportunity for MSMEs in Kerala to upscale their businesses and reach new heights of success. The transparent selection process, along with various incentives, will create an environment of growth and development for the selected units.