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Business EconomyPosted at: Jul 29 2024 5:00PM


Kerala got Rs 12,000 crore investment from within state: Minister

Kochi, July 29 (UNI) Kerala mustered close to Rs 12,000 crores of investment from nearly 300 entrepreneurs with amounts of Rs 5 croreor above from each of them in the last three years, Minister for Industries, Law and Coir P. Rajeeve said on Monday, highlighting the industry-friendly climate in the state.
Thirty of 282 such entrepreneurs chipped in with per-head investments of Rs 50 crore or above, he pointed out, after inaugurating a ‘Conclave on Continuing Investments’, organized here by Kerala State Industrial Development Corporation (KSIDC) and Department of Industries & Commerce.
To boost the trend, the government is setting up investment facilitation centres at the taluk level, enabling prospective entrepreneurs to wriggle out of red tape besides a prompt resolution of related issues, the minister told a gathering of 282 investors here.
“We have come up with a system that facilitates investors to give authorities a monthly briefing about the development of their projects, by uploading the update with photos,” ShriRajeevesaid at the conclave presided over by Principal Secretary (Industries) A.P.M. Mohammed Hanish.
Renewed efforts by the Ministry of Industry have generated 2.6 lakh investment initiatives, the minister revealed. Small-scale industries alone pooled in capital totaling Rs 16,000 crore, while providing jobs to 5.5 lakh people.
Listing out the various subsidies being provided chiefly by KINFRA and KSIDC, he said those with investments of above Rs 100 crore need to submit only 10 per cent of the lease amount at the start.
“A new facility enables them to pay the rest of the subsidy amount over nine years after the two-year moratorium on the lease amount,” he added.
“If the investment is between Rs 50 crore and Rs 100 crore, one can repay 20 per cent of the lease amount at the beginning and then pay the rest of the money in five instalments.”
If the lease amount is below Rs 50 crore, the investor can pay back its 20 per cent in the first year. The rest can be paid as fixed instalments over the next five years. “For investments in high-rises or logistics, industrial parks will allow a sub-lease,” said the minister,who later interacted with the investors at the conclave.
While invitations for investments at campus industrial parks received unprecedented response, 80 highereducation institutions, too, have applied for starting ventures there. “We have sanctioned 27 industrial parks in the private sector,” he added.
Calling for online solutions to complaints from investors, ShriRajeevesaid the Kerala State Small Industries Association (KSSIA) must be equipped to enable entrepreneurs to tune into such facilities. “Investors, who submit all valid documents, will receive composite licence in seven days. If the acknowledged affidavit shows the investment amount to be of Rs 50 crore or above, the business can operate without licence for three years,” he pointed out.
Hanish, in his presidential speech, said the state has been witnessing a steady flow of investments from modern as well as traditional industries. “The efforts of the industry officials should percolate to the lowest levels for investors to feel confident and encouraged,” he noted. “Only then can we retain the investor-friendly climate in the industry.”
KSIDC Managing Director S. Harikishore, who is Director of Industries and Commerce,said authorities have been providing 18 kinds of grants for industries under various sectors. “We have facilities for investors to know more about them and interact with the officials,” he added.
KSIDC Chairman Paul Antony gave a special address. The other speakers included CII representative NavasMeeran, FICCI Co-Chairman (Kerala State Council) Deepak Aswani.
KSSIA President A. Nizarudeen, KINFRA Managing Director lSanthosh KoshyThomas, KSIDC Executive Director Hari Krishnan R.and DIC Additional Director Dr.Kripakumar K.S.
Four experts shared their experiences and interacted with the investors at an hour-long session.
UNI DS KK
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Tags: #Kerala got Rs 12#000 crore investment from within state: Minister
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