Kerala’s MSME sector has made a big leap by adding over one lakh ventures for the second consecutive year in 2023-24. This takes the total number of newly set up units to 2,40,396 since the launch of the Year of Enterprises in 2022-23. The initiative also netted a total investment of ₹15,167.36 crore and created 5,09,740 jobs in the MSME sector in the last two years.
Investment and Job Creation Surge
The program, initiated by the Department of Industries & Commerce, aimed to create one lakh new enterprises and 3 to 4 lakh jobs, marking a significant economic milestone for Kerala’s MSME sector. In 2022-23, the initiative yielded an investment of ₹8,422 crore and generated 3,00,51 jobs. Maintaining the momentum, in 2023-24 (till March 15), it secured an investment of ₹6,745.36 crore and created 2,10,776 jobs.
Government Initiative Yields Results
The resounding success of the Year of Enterprises initiative and other projects of the DIC demonstrates the effectiveness of the policy initiatives and their prompt implementation. P. Rajeeve, Industries Minister, expressed pride in Kerala’s achievement and highlighted the importance of right policy initiatives for economic growth.
Diverse Entrepreneurship Landscape
Significantly, one-third of the units (31,419) started in 2023-24 were promoted by women entrepreneurs. On the other hand, 3375 enterprises were started by entrepreneurs from the Scheduled Caste/Scheduled Tribes communities. Ernakulam district led in having the largest number of units followed by Malappuram and Thiruvananthapuram.
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Sectoral Distribution of Ventures
Of the total units started under the program, 13,790 are in the manufacturing sector, accounting for an investment of ₹1,428.15 crore. Additionally, 44,468 units are in the service sector with an investment of ₹2,705.13 crore. Furthermore, 42,298 commercial enterprises have been established with an investment of ₹2,612.14 crores. The ventures span across various sectors, including agro & food processing, garments & textiles, hotels and restaurants, catering, garment designing, and dressmaking, showcasing notable performances.