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Kerala unveils measures to improve investment climate in state

Our Bureau Kochi | Updated on January 09, 2020 Published on January 09, 2020

Kerala Chief Minister Pinarayi Vijayan

Asserting that the investment ecosystem in Kerala is one of the best in the country, Chief Minister Pinarayi Vijayan has unveiled a set of initiatives that will enhance the ease of doing business in the state, including a wage subsidy scheme for the first five years for new ventures getting registered on April 1, 2020.

Inaugurating the two-day ASCEND Kerala 2020 global investors’ meet here, that is showcasing over 100 major projects, Vijayan said the government was committed to pushing ahead with its policy initiatives to simplify investment procedures.

The investment climate in the state was most conducive. This was especially significant at a time when certain parts of the country and the world were in the grip of tension and anxiety. Here is an ideal destination where investment can be made in diverse sectors without having any tension or anxiety, the Chief Minister said.

Recalling a string of legislative and procedural initiatives put in place by the state government, the Chief Minister said many more such measures are on the anvil, to enable a fast, transparent and corruption-free investment regime.

A proposal to subsidise part of the wage commitment of newly set up industries for the first five years was also planned. “This is a scheme under consideration. I don’t want to go into its details. This benefit will be available only to those units which provide ESI and PF benefits to workers. I also want to say at this stage that women employees will get at least Rs 2,000 more than their men counterparts under the proposed scheme. An estimated 37 lakh people will benefit,” he said.

The ceiling for financial aid from the Kerala Industrial Development Corporation will be raised from the current Rs 35 crore to Rs 100 crore. In certain cases, KSIDC could also provide a higher amount, the Chief Minister said.

Lauding the contribution of the Malayali diaspora in expediting the economic development of the state, he said a proposal to convene a global meet to attract foreign investment is on the cards. The visits of delegations led by him to Japan, Korea, and the UAE had generated a keen interest in Kerala.

The Industries Minister, E P Jayarajan, said the government had followed up the suggestions and proposals of the first edition of ASCEND Kerala held last year.

“We have consistently followed up on ASCEND 2019. So, we are today presenting many more projects, which hold tremendous investment opportunities,” he said.

Published on January 09, 2020
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