LDF policy focuses on domestic, foreign investments

The Industrial Policy of the Kerala government focused on increasing domestic and foreign investments and setting up industrial parks taking PPP route with an objective to achieve 10 per cent growth in next two years.
The policy document was released by Industries Minister A C Moideen here today.
Economic growth of the state was eight per cent in 2015-16 and it was planned to target a 10 per cent growth by making drastic changes in industrial sector in next two years, Moideen told reporters releasing the document.
With an objective to make the state an industrial friendly one, the policy said regulatory process for setting up industries would be relaxed and clearance and approval will be given on time bound basis.

To protect the interest of investors, a committee with Chief Secretary as Chairman would be constituted and it would look into the complaints of investors within a fixed time frame.
A Commerce Mission would be constituted and its functions included among other things encourage small and medium trade sectors.

Besides strengthening the existing public sector and other units in the state, Commerce and Service would be considered as thrust sector industry.
Retail trade sector would be promoted in a large scale, the policy said.
Nearly two lakh candidates come out of various technical education institutions every year in the state and another main focus is to create job opportunities for them.

Industrial parks in government and private sector would be setup through PPP route and the traditional sector also would be strengthened, Moideen said.
With a view to tap the investments of NRIs, five per cent of the space in industrial parks would be reserved for them.
Private industrial estates also would be encouraged.
Infrastructure development, food processing, electronics, biotechnology, development of industrial clusters and start-ups were some of the other thrust areas mentioned in the policy.