Investment Clearance Board to be set up for Emerging Kerala

Kerala chief minister Oommen Chandy on Sunday said an Investment Clearance Board would be constituted to clear projects that are to be showcased at the Emerging Kerala Investment summit.

The projects, cleared at the state-level, would get approval in 90 days while those which requires clearances from the central government might be delayed, he said here.

The summit will be a platform for exchange of investment ideas and the government is trying to showcase the opportunities the state offers. Investors from 51 countries would participate in the three-day summit that begins here from September 12.

The government would allot land for various projects on a lease basis for 30 years. For projects, which will have huge investment and long gestation periods there will be relaxation in the lease period. All the details about the approved projects would be placed for public scrutiny.

 

He said the lease agreement would be cancelled if a project failed to take off within the time frame. Environment clearance was essential for all projects.

Industries minister PK Kunjalikkutty said 23 sectors had been identified for foreign and private investment in the state. These include IT, electronics and infrastructure.

Some 57 small hydro-electric projects that can produce 165 Mw electricity would be presented at the summit. Each project would attract Rs 5.5 crore – Rs 8.5 crore.

Meanwhile, due to strong criticism from the public and political parties, the government had dropped around 50 proposals from the list. Chief secretary K Jayakumar told the summit would showcase 163 projects.