4,897 register with NORKA for setting up new ventures

Our Correspondent

Many expatriates who have returned to the State from abroad after the outbreak of the COVID-19 pandemic are planning to start new ventures here. 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 earlier years, this was less than 1,000.

In the past, most people were interested in service oriented ventures such as taxi/car rentals but now, it’s restaurants, bakeries, workshops, oil mills, curry powder manufacturing, spice processing units, chapati manufacturing units, farms, sports hubs and gymnasiums.

K. Varadarajan, Resident Vice-Chairman of NORKA, said, “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 Keralites returning from abroad 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.

Eighteen 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.”

NORKA is also assisting expatriates set up start-ups in the IT sector. 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 (Supplyco) to enable expatriates to set up supermarkets.

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. According to an agreement with Meat Products of India, arrangements will be made for pravasies to open 5,000 outlets in Kerala.