Kerala's finance minister KN Balagopal proposed Rs 5,000 crore financial package to stimulate small businesses and industries, as well as help farmers affected by Covid-19. We would provide a 4% interest discount on loans up to Rs 2 lakhs, adds Balagopal. In the following three months, the package is scheduled to be deployed, he stated.

For the months of July through december 31, the government would waive six months' rent for government buildings used by shops and enterprises. It will also give a licencing fee exemption. Loans were also offered by kerala Financial Corporation and kerala State Financial Enterprises. "We've asked bankers to offer loans since the state government is subsidising interest, and we've chosen not to collect fixed power rates. It would benefit small and medium-sized businesses, and traders will be able to get a loan at a lower interest rate "K Balagopal, the Finance minister stated.

From July through december 31, Micro, Small, and Medium Enterprises are free from paying construction taxes. The financial package is designed to address the pandemic-related economic catastrophe. The state government has agreed to offer 500 small businesses loans of up to one crore at a 5% interest rate per year. The kerala government has unveiled its third financial package to address the country's economic problems. He explained, "This is open to young entrepreneurs under the age of 50." The government has also imposed a one-year ban on loans taken out by small businesses from KFC.

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30/07/2021 04:00 PM