Norka launches startup programme to help returning expatriates

KOCHI:  In the backdrop of expats returning home owing to the pandemic, Norka in association with Kerala Startup Mission has launched the Norka Pravasi Startup Programme (NPSP) that will facilitate NRIs with various technology business opportunities.

A Norka official said the aim of the project is the rehabilitation of the NRI community based on their professional skills and entrepreneurship. The project envisages building a network of businesses and investors in NRI community, exploring business mentoring or consulting opportunities with technology startups. It also looks to leverage the business connections of NRIs and link like-minded NRI entrepreneurs to build a partner model. Financial support will also be allocated through various startup schemes. 

“NPSP will select the beneficiary NRIs through a screening. They will be put through an intense three-month programme, which will enable them to decide on the sector they have to focus or on how to add value. The selected candidates shall also be eligible for getting financial assistance through the existing Norka Department Project for Returned Emigrants (NDPREM) scheme,” said the official.

Expats who have been staying or working abroad for a minimum of two years and are returning to Kerala permanently are eligible for the project. Expats under the scheme are eligible for a 15 per cent subsidy on capital investment of `30 lakh with a ceiling of `3 lakh. They will also get an additional 3 per cent subsidy on the interest from bank for four years, besides loan assistance from 16 banks in the state.

A helping hand
Expats who have been staying or working abroad for at least two years and are returning to Kerala permanently are eligible for Norka Pravasi Startup Programme.