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Kerala garners ₹12,000-crore investment in three years, says Minister
Investments from 282 entrepreneurs ranged between ₹5 cr. and ₹600 cr. and went into industries ranging from traditional food processing units to the latest technology-driven enterprises
Kerala appears to have succeeded in clearing the air of apprehension among investors by garnering nearly ₹12,000 crore in fresh investments over the past three years.
The investments, from 282 entrepreneurs, ranged between ₹5 crore and ₹600 crore. The investments went into industries ranging from traditional food processing units to the latest technology-driven enterprises, said Industries Minister P. Rajeeve here on Monday.
Confidence-boosting steps
He said it was an indication of how far Kerala had travelled on its path to bolstering investor confidence through measures that included comprehensive overhaul of the investment policy, introduction of speedy clearance windows, financial incentives, and easier norms for land allocation in industrial parks. The Minister was speaking at the inauguration of Conclave on Continuing Investments, organised here jointly by the Kerala State Industrial Development Corporation (KSIDC) and the Department of Industries and Commerce.
Facilitation centres
The success of the initial steps had prompted the government to set up investment facilitation centres at taluk level, enabling prospective entrepreneurs to avoid red tape and prompt resolution of issues. “We have come up with a system that facilitates investors to give authorities a monthly briefing about the development of their projects by uploading details with photos,” he added.
Recent efforts by the Industries Ministry have generated 2.6-lakh investment initiatives. Small-scale industries alone pooled in capital totalling ₹16,000 crore and generated 5.5 lakh employment.
Those with investments above ₹100 crore needed to remit only 10% of the land lease amount at the start. They could pay the rest of the subsidy amount over nine years after a two-year moratorium on the lease amount, he added. If the investment was between ₹50 crore and ₹100 crore, one could repay 20% of the lease amount at the beginning and pay the rest in five instalments.
Campus industrial parks
Mr. Rajeeve said that the proposal for campus industrial parks had received “unprecedented response.” Eighty higher education institutions had applied for starting ventures. “We have sanctioned 27 industrial parks in the private sector,” he added.
A.P.M. Mohammed Hanish said that the State had been witnessing a steady flow of investments from modern as well as traditional industries. Efforts of the industry officials should percolate to the lowest levels so as to make the investors feel confident and encouraged, he said.
KSIDC Managing Director S. Harikishore, who is also the Director of Industries and Commerce, said the authorities had been providing 18 kinds of grants for industries under various sectors.
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