‘Revolving Fund Scheme’, Kerala

Kerala government is about to newly implement ‘Revolving Fund Scheme’ for the tourism sector in the state. Scheme details were provided by Kerala Tourism Minister P A Mohammed Riyas to the state assembly yesterday. This scheme mainly focuses to revive the tourism sector in the state which is severely impacted by the first and second wave of the pandemic. It is mainly launched to give a boost to the tourism industry in the state. Under this scheme interest free loans will be provided to the beneficiaries. All the people employed in the sector like tourist taxi drivers, bus drivers, house boat staff, hotel restaurant employees, workers in home stays, amusement parks, handicraft experts, etc will be covered under the scheme. Constant efforts are being made by the state government to empower and boost the state tourism.

Scheme Overview:

List of scheme launched by Kerala Government

Scheme Objectives and Benefits:

• The main objective of this scheme is to boost the state tourism
• It also aims at generating new self-employment opportunities in the state
• Under the scheme a financial assistance in the form of interest free loans
• The interest amount on the loan will be paid by the state government.
• The scheme is mainly for strengthening the tourism industry in the state
• It will thus lead to the overall economic development in the state.

Scheme Details:

• Revolving Fund scheme is soon to be implemented in the Kerala state majorly to boost the state tourism sector
• The scheme is announced by the state tourism minister P A Mohammed Riyas yesterday in the state assembly
• Under this scheme financial assistance in the form of interest free loans will be provided by the state government in the form of loans to the people employed/ working in the tourism sector.
• All the people employed in the sector like tourist taxi drivers, bus drivers, house boat staff, hotel restaurant employees, workers in home stays, Ayurveda centres, amusement parks, tourism project workers and artists, handicraft experts and martial artists in the tourism sector will be covered under the scheme
• The loan period and its repayment will be set keeping in mind the feasibility of the beneficiaries
• The loan interest will be borne by the state government
• This scheme aims to tap the potential Kerala has in terms of tourism
• Tourism sector has incurred losses amounting to Rs. 33,675 crores due to covid situation in the state and thus state government has come up with this scheme
• The state government is making constant efforts to rejuvenate the tourism sector
• This scheme tends to encourage employment and self-employment opportunities in the state thereby to strengthen the shattered tourism sector in the state
• A budget of Rs. 30 crores have been kept aside for implementation of this scheme
• The government has also decided to renew the license and accreditation issued by the tourism department to various Ayurveda centres, restaurants, home stays, service villas, etc till December 31, 2021