Kerala Mobilises Over Rs One Lakh Cr Investment in Five Years: Minister P Rajeeve

THIRUVANANTHAPURAM:
Minister for Industries, Law and Coir, P Rajeeve said Kerala has translated investment proposals of over Rs one lakh crore into actual projects in the last five years.

Addressing a press conference here, Rajeeve said the upfront policy initiatives of the Industries Department have also imparted a vital thrust to Kerala’s transformation into a major global ESG (Environmental, Social and Governance) and hi-tech manufacturing destination of the next decade.

“Of the total investment mobilised during the period, Rs 27,158.64 crore was received through Year of Enterprise initiative, Rs 55, 365 crore from Invest Kerala Global Summit (IKGS) and around Rs 15,000 crore through the Meet the Investor Programme,” the Minister said.

These three initiatives have contributed around Rs 97,858 crore in scores of investment projects, apart from the investments received by the industrial parks, Rajeeve said.

Elaborating on the achievements of the Industries Department, Rajeeve said for the first time Kerala emerged as the top performer in ease of doing business reforms action plan in the country.

During this period, Kerala also consecutively ranked the topper among the states in Niti Ayog’s SDG India Index. The state also implemented various policies like Logistics Policy, Export Policy and Graphene policy in the five years.

“Kerala is the first state to come up with an ESG industrial policy, which turned out to be a prime factor for the state to successfully showcase its investment possibilities at the World Economic Forum (WEF) in Davos in January this year,” he noted.

Rajeeve said at WEF, the state received investment proposals of Rs 1.18 lakh crore and the projects are in implementing stage.

He said the three editions of Year of Enterprise initiative have yielded more than four lakh SMEs in the state. “The initiative was cited by American Society for Public Administration as a successful model. Around 406,606 new ventures, Rs 27,158.64 crore investments and 8, 66162 employment opportunities were created as part of the initiative,” Rajeeve said.

The Mission 1000 launched for the sustainable growth of SMEs has been scaled up as Mission 100000 project that aims to turn one lakh SMEs into ventures with Rs 1 crore turnover.

On providing insurance cover for Micro, Small, and Medium Enterprises (MSMEs) (manufacturing sector-Rs 20 lakh, service- Rs 10 and trade-Rs 7 lakh), he said the government will be paying 50 percent of the premium. In MSME sector, banks have provided loans worth more than Rs one lakh crore from the previous Rs 48,000.

A Special Recruitment Board was set up for appointments in public sector. Around 25 public sector undertakings have become profitable in the last one year, which is the highest in history, the Minister said.

An investment of Rs 6.677 crore has been netted by KINFRA and the construction of Palakkad Industrial Smart City is progressing well.

About Rs 741 crore has been earmarked for the expansion of Kerala Paper Products. Kerala Rubber Limited (KRL), set up at a cost of Rs 400 crore, was inaugurated and allotted Rs 480 crore for investment projects. KRL expects a total investment of Rs 3000 crore.

Rajeeve said of the 51 private industrial parks on 558 acres of land, 10 of them have been opened and others are getting ready for inauguration. Also, permission has been given for 11 campus industrial parks.

Keltron has achieved its highest turnover during this period. The long-time dysfunctional electric company Perumbavoor Ryons has resumed its operations and a new venture started on the land of Keltron in Mulankunnathukavu.

Based on scientific studies, expert committee recommendations were implemented in traditional industry sector and revolving fund was set up as part of Coir Conclave.

Other major achievements include formation of handloom clusters, wage incentive hike for reed bamboo (Eetta) labourers, rejuvenating and fresh package for cashew sector, Cotton Board for improving functioning of cotton mill, setting up of country’s first Plantation Directorate and layam project for plantation workers etc.

Rajeeve added that 10 new products have been included in Kerala brand apart from coconut oil.

The Minister also released a handbook that sums up the achievements and interventions of the Industries Department in the last five years.

APM Mohammed Hanish, Additional Chief Secretary (Industries & Commerce); P Vishnuraj, Managing Director, Kerala State Industrial Development Corporation (KSIDC); Santhosh Koshy, MD, KINFRA; and Suraj S Nair, CEO, K-BIP, were also present.