PM Modi's scheme shielded Kerala MSMEs amid global turmoil
Thiruvananthapuram, May 23
Claiming that timely intervention by the Narendra Modi government helped Kerala's small business sector withstand global economic shocks, State BJP pPesident Rajeev Chandrasekhar said on Saturday that more than 5.5 lakh MSMEs in the state benefited from the Centre's Emergency Credit Line Guarantee Scheme, with guaranteed credit support of more than Rs 8,405 crore extended to enterprises across the state.
Chandrasekhar said the scheme played a crucial role in protecting businesses, jobs and investments during periods of international uncertainty, including the recent turbulence linked to the West Asia crisis.
He described the programme as a key example of how the Narendra Modi government responded quickly to support entrepreneurs facing circumstances beyond their control.
Highlighting the case of a Thiruvananthapuram-based cyber forensics startup, Chandrasekhar said that the private firm had received vital support through the scheme at a time when business conditions were affected by instability in the Middle East.
"I was happy to hear from Shyam of the Thiruvananthapuram-based cyber forensics startup. He shared how ECLGS support through SBI provided critical relief during a difficult period. He specifically requested that his gratitude be conveyed to Prime Minister Narendra Modi," the State BJP President added.
The BJP leader noted that Kerala's economy remains closely tied to the Gulf region through remittances, trade, tourism and business activity, making the state particularly vulnerable to developments in West Asia.
According to him, schemes such as ECLGS helped enterprises manage working capital pressures, sustain operations, and retain jobs during uncertain times.
"When governments stand behind entrepreneurs, banks gain confidence to lend and businesses gain confidence to invest. That is how resilient economies are built," Chandrasekhar said, while stressing that support to MSMEs was not merely about credit flow but also about safeguarding livelihoods and ensuring economic confidence.
He also urged eligible MSMEs and startups in Kerala to make greater use of Central government schemes aimed at promoting innovation, expansion and employment generation, saying easier access to credit could help businesses recover faster and create new opportunities in a challenging global environment.
— IANS
Reader Comments
While I appreciate the intent, let's not forget that Kerala has its own well-run MSME support systems too, like Kudumbashree. The central scheme helped, no doubt, but the state government already had some mechanisms in place to help small businesses weather global storms. We need more synergy, not just credit.
ECLGS was a game-changer for my friend's printing press in Kochi. He was about to lay off staff due to the Middle East supply chain mess, but the credit line gave him breathing room. Chandrasekhar is right—when the government backs entrepreneurs, banks lend more freely. Let's hope more Keralite businesses avail these schemes.
It's great that MSMEs got support, but why is the state BJP president taking credit for a central scheme? Kerala's entrepreneurs work hard despite political differences. It would be better if such schemes were highlighted without party politics. The credit should go to the system, not just one leader. 🙏
As a small business owner in Thrissur, I can vouch for the ECLGS scheme. It helped us maintain cash flow when Gulf orders dried up due to the tension in West Asia. The BJP leader's point about Kerala's vulnerability is spot on—we are too dependent on that region for our livelihoods. More diversification is needed.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.