Thiruvananthapuram, May 23: Rajeev Chandrasekhar emphasized the crucial role of the Emergency Credit Line Guarantee Scheme (ECLGS) in supporting Kerala’s small and medium enterprises (SMEs) and startups amid global economic uncertainties. He referenced the experience of Alibi Global, a cyber forensic startup based in Thiruvananthapuram, to illustrate the scheme’s impact.
Chandrasekhar expressed his pleasure in speaking with Shyam from Alibi Global. He noted that despite the uncertain business environment in the Middle East, the assistance provided through ECLGS via SBI offered significant relief. Shyam specifically requested to convey heartfelt thanks to Prime Minister Narendra Modi for ensuring that entrepreneurs received support during critical times.
Kerala has emerged as one of the key states benefiting from this scheme, with approximately 550,000 MSMEs receiving loan guarantees. The scheme has facilitated over ₹8,405 crores in guaranteed loans to businesses across the state. It has enabled millions of enterprises to manage working capital pressures, continue operations, protect jobs, and sustain investments in growth despite external economic challenges.
Chandrasekhar noted that Kerala’s economy is deeply connected to the Gulf and broader Middle East through remittances, trade, tourism, and business activities, making the state particularly sensitive to developments in the region.
He remarked that when instability arises in the Middle East, Kerala often feels the impact immediately. ECLGS serves as a practical example of how the Modi government ensures timely and targeted support, preventing entrepreneurs and small businesses from being vulnerable to global shocks beyond their control.
He further stated that this scheme reflects the Modi government’s comprehensive commitment to providing loans to MSMEs during uncertain times. It reassures banks to continue lending when businesses need assistance the most.
Chandrasekhar concluded that when the government stands with entrepreneurs, banks gain confidence to lend, businesses feel secure to invest, and jobs are protected. This approach fosters resilient economies. Supporting our MSMEs is not just about providing loans; it is about safeguarding livelihoods, enabling growth, and instilling confidence for the future.
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