Kerala: 4,897 expats registered with NORKA for setting up new ventures
Oct 23, 2020
Thiruvananthapuram (Kerala) [India], October 23 : As many as 4,897 expatriates, who have returned to Kerala from the State from abroad, have registered with the Non-Resident Keralites Affairs (NORKA) Department Project for Returned Emigrants (NDPREM) scheme, which helps these emigrants to start their own businesses in the last six months, according to a bulletin by the Information and Public Relations Department (IPRD) Kerala.
"Over the past six months, 4,897 expats have registered with the Non-Resident Keralites Affairs (NORKA) Department Project for Returned Emigrants (NDPREM) scheme, which helps these emigrants to start their own businesses. The number of registrations is much higher than the 1,043 registrations last year. In the years before, this was less than 1,000," read the bulletin.
K Varadarajan, Resident Vice Chairman of NORKA said that at present, loans up to Rs 30 lakhs are available under the NDPREM scheme which will be increased to Rs 50 lakhs.
"The NORKA subsidy will also be increased from 15 per cent to 20 per cent. This will enable more Pravasies to start better ventures. An amount of Rs 18 crores was sanctioned in the budget for the project but now, it has been decided to increase this to Rs 40 crores," according to the bulletin.
"18 financial institutions in Kerala are cooperating with the scheme. NORKA has signed an agreement with Kerala Financial Corporation (KFC) to provide loans of up to Rs 50 lakhs to expatriates for starting ventures. This year, NORKA aims to help 5,000 expatriates start their own businesses," it said.
The IPRD said that steps are also being taken 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. NORKA will complete the process by November 15. In addition, NORKA has started discussions with the Civil Supplies Corporation to enable expatriates to set up supermarkets," it said.
NORKA will provide assistance of up to Rs 3 lakhs to expatriate societies for setting up enterprises which will employ at least five persons.
"This year 60 societies will be given assistance. It has been decided to start Pravasi Apex Societies in all the panchayats on the condition that a society should start a venture that would employ at least 10 people. As per an agreement with Meat Products of India, arrangements will be made for pravasies to open 5,000 outlets in Kerala. The loan mela will resume soon after the Covid period," read the bulletin.
