Kerala govt announces Rs 5,000 crore package to assist small-scale traders, farmers

Thiruvananthapuram: The Kerala government on Friday announced a financial package of over Rs 5,000 crore to revive the state economy that is reeling due to the COVID- 19 pandemic.

Finance Minister K N Balagopal announced a financial package of Rs 5,650 crore in the state Assembly, to assist small-scale traders and farmers of the state.

"This package is to provide assistance to small-scale traders and farmers of the state who have been adversely affected by the pandemic," Balagopal told the media here.

He said the state government has decided to provide subsidised loans.

"We will be giving very subsidised loans. The state government will bear the four per cent of the interest of loans for six months for the loans up to Rs two lakhs," Balagopal said.

He said the state government has also decided to help small-scale businesses by forgoing the rent from the shops and buildings owned by the state government for the period from July to December 31 this year.

Micro, Small and Medium Enterprises have been given a building tax exemption from July to December 31.

This is the third financial package announced by the Left government to tackle the economic crisis due to the pandemic.