Kerala Secures Rs 12,000 Cr Investment: Minister Rajeeve

Kochi, Jul 29 (PTI) In a significant boost to the state's economy, Kerala has secured nearly Rs 12,000 crore in investments from around 300 entrepreneurs over the past three years, Minister P Rajeeve said here on Monday.

Each of these investors has committed Rs 5 crore or more, the Minister for Industries, Law and Coir said, underscoring the state's "industry-friendly environment and its appeal to business".

Inaugurating a 'Conclave on Continuing Investments' organised here by Kerala State Industrial Development Corporation (KSIDC) and Department of Industries and Commerce, Rajeeve said 30 of 282 such entrepreneurs chipped in with per-head investments of Rs 50 crore or above.

To boost the trend, the government is setting up investment facilitation centres at the taluk level, enabling prospective entrepreneurs to avoid red tape and find prompt resolutions for related issues, the minister told a gathering of 282 investors.

"We have come up with a system that facilitates investors to give authorities a monthly briefing about the development of their projects, by uploading updates with photos," Rajeeve said 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 totalling Rs 16,000 crore, while providing jobs to 5.5 lakh people, he said.

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," the minister said.

"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 higher education institutions, too, have applied to start ventures there.

"We have sanctioned 27 industrial parks in the private sector," he added.

Calling for online solutions to complaints from investors, Rajeeve said 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 a 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 said.

"Only then can we retain the investor-friendly climate in the industry," Rajeeve said.

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 said.