Loans up to Rs 10 lakh at 4% interest; financial aid for additional jobs

MSME loans
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Thiruvananthapuram: The Cabinet approved the industrial policy of the State which aims at encouraging those who invest in the State and providing incentives to ensure employment for Keralites. The industrial policy announced for the first time after 2018, will come into effect on April 1.

Loans up to Rs 10 lakh will be made available to micro, small, and medium enterprises at an interest rate of 4%. An amount up to Rs 45 lakh will be given as capital subsidy to micro units, up to Rs 1 crore for small enterprises and up to Rs 2 crore for medium units. The electricity duty will be totally exempted for these projects for 5 years.

The stamp duty and registration charges will be exempted if the investors buy or lease buildings in government or private industrial parks for establishing manufacturing units. The same concessions will be given if women or entrepreneurs of the Scheduled Caste or Scheduled Tribe communities buy or lease land or buildings for industrial projects anywhere in the state.

If large and mega projects provide over 50% of the permanent jobs to people in the State, 25% (maximum of Rs 5,000 per person) of the monthly salary for each of the additional jobs will be reimbursed to the employer for one year. If more than 50% of the permanent employees are women, the same incentives will be given. If members of the transgender community are employed, an amount of Rs 7,500 per person will be reimbursed for one year, the Minister said.

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