Thursday June 14, 02:42 AM
Left Kerala to push FDI with extra perks for Rs 100-cr plus investor
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By Economy Bureau
The LDF government is set to beef up its FDI kitty by tugging the business chords of the Kerala's vast NRI diaspora network. For this, policy baits like PPPs, special incentive package for Rs 100-crore-plus investor and land banks will be thrown to lavish use, as per the newly cleared State Industrial Policy. By last count, Kerala ranks as low as 15th among Indian States in FDI. But things are probably changing, looking at the Rs 10,000 crore investment notched up for the current year. "The bulk of this huge investment pours into knowledge business, rather than into manufacturing," State industry minister Elamaram Karim said. KSIDC, for instance, will faciliate setting up a worldclass Life Sciences Park to fish for FDI in pharmaceuticals, medical devices, biotechnology, nanotechnology etc, in manufacturing, R&D and clinical development. Schemes to channelise investible surplus of NRIs and harness their expertise in manufacturing and services will be formulated, says the policy cleared by the State Cabinet on Wednesday. Inkel (Infrastructure Kerala), infrastructure development company in PPP with NRI support is taking shape, with a paid-up capital of Rs 100 crore. A land bank for industry will soon be in place. The LDF government will also encourage lease of industrial land as equity participation by land-owners, the minister said. Since multi-product SEZs need vast land area, the State would focus on product-specific SEZs. A gem & jewellary SEZ, textile SEZ and BT SEZ are on the way in the genre of sector-specific SEZs. "An entrepreneur in Kerala now requires nine clearances. The new single window system will simplify this further," says Karim. On a case-to-case basis, the Chief Minister's panel will consider special incentive package for the Rs 100-crore plus investor. There is bonus score for going green too. Cost of capital equipment for pollution control could get up to 50% subsidy. Mega industrial parks are also in the pipeline as Kinfra's Integrated Textile Park at Palakkad and Mega Food Park at Wayanad, Knowledge Cities in Thiruvananthapuram, Ernakulam and Palakkad are envisaged. IT & ITES Corridor in Thiruvananthapuram-Kollam route, BT & Hitech Electronics Corridor in Kochi and Food processing and Textile Corridor in Palakkad are also proposed. And amidst the plethora of carrots, stick is not far behind. Unfair labour practices will be dealt with firmly, adds the minister, a former trade union leader.
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