BENGALURU: Many expatriates who returned to Kerala from other countries after the Covid-19 outbreak are planning to start their own business in their home state. A large number of them are from the Gulf region.
In the last six months, 4,897 expats have registered with the Non-Resident Keralites Affairs (Norka) Department Project for Returned Emigrants (NDPREM) scheme. The scheme facilitates emigrants to start their own business.
The number of registrations is much higher than last year when the government received only 1,043 registrations. In the years before that, the numbers were always less than 1,000, according to the government.
In the past, most people showed interest in getting into service-focussed business activities like running a cab, but the new bunch of proposals seek to set up small businesses like restaurants, snack shops, workshops, oil mills, masala powder units, sport hubs, gyms and farms.
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According to Norka's resident vice chairman K Varadarajan, the scheme right now provided for loans of up to Rs 30 lakh, and the government would increase it to Rs 50 lakh. "The Norka subsidy will also be increased from 15% to 20%. This will enable more Pravasies (non-residents) to start better ventures. The government, he added, had sanctioned Rs 18 crore in the budget for the project but now, it has been decided to increase this to Rs. 40 crore.
Eighteen financial institutions in Kerala are cooperating with the government in implementing the scheme. The Norka has signed up with Kerala Financial Corporation (KFC) to provide loans of up to Rs. 50 lakh to expatriates for starting ventures. This year, Norka aims to help 5,000 expatriates start their own businesses, Varadarajan said.
The organisation is also helping expatriates set up start-ups in the IT sector. The government is also taking steps to provide employment to the Pravasi migrants, who have come back after losing their jobs, through the Dream Kerala project. So far 3,000 job seekers have registered for the scheme while 70 employers have also registered. The Norka will complete the process by November 15. In addition, Norka has started discussions with the Civil Supplies Corporation (Supplyco) to enable expatriates to set up supermarkets.
In the last six months, 4,897 expats have registered with the Non-Resident Keralites Affairs (Norka) Department Project for Returned Emigrants (NDPREM) scheme. The scheme facilitates emigrants to start their own business.
The number of registrations is much higher than last year when the government received only 1,043 registrations. In the years before that, the numbers were always less than 1,000, according to the government.
In the past, most people showed interest in getting into service-focussed business activities like running a cab, but the new bunch of proposals seek to set up small businesses like restaurants, snack shops, workshops, oil mills, masala powder units, sport hubs, gyms and farms.
(Join our ETNRI WhatsApp channel for all the latest updates)
According to Norka's resident vice chairman K Varadarajan, the scheme right now provided for loans of up to Rs 30 lakh, and the government would increase it to Rs 50 lakh. "The Norka subsidy will also be increased from 15% to 20%. This will enable more Pravasies (non-residents) to start better ventures. The government, he added, had sanctioned Rs 18 crore in the budget for the project but now, it has been decided to increase this to Rs. 40 crore.
Eighteen financial institutions in Kerala are cooperating with the government in implementing the scheme. The Norka has signed up with Kerala Financial Corporation (KFC) to provide loans of up to Rs. 50 lakh to expatriates for starting ventures. This year, Norka aims to help 5,000 expatriates start their own businesses, Varadarajan said.
The organisation is also helping expatriates set up start-ups in the IT sector. The government is also taking steps to provide employment to the Pravasi migrants, who have come back after losing their jobs, through the Dream Kerala project. So far 3,000 job seekers have registered for the scheme while 70 employers have also registered. The Norka will complete the process by November 15. In addition, Norka has started discussions with the Civil Supplies Corporation (Supplyco) to enable expatriates to set up supermarkets.
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