Kerala has lined up several policy measures to attract investors to the state. These include wage subsidies, relaxation in some of the land acquisition and labour-related restrictions to enable better business-friendly environment in the state, said Chief Minister Pinarayi Vijayan. The government is also plannning to convene a global meet to attract foreign investment to the state.
Inaugurating the two-day ASCEND Kerala 2020 global investors meet, he said that a slew of legislative and procedural initiatives have already been put in place by the state government and many more such measures are on the anvil to enable a fast, transparent and corruption-free investment regime.
There is a proposal to subsidise part of the wage commitment of newly set up industries for the first five years. The scheme, which is under consideration, is expected to benefit only to those units which provide Employee State Insurance and Provident Fund (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 3.7 million people will benefit," he said.
In order to remove the land constraints faced by big units, the 15-acre ceiling on the land to be held by these units will be relaxed. The units investing more that Rs 250 crore and providing over 1000 jobs will be entitled to this concession. Necessary changes will be made in the land legislation act to enable this.
It will also lift the ban on women factory workers being put on the night shifts. The responsibility to ensure their safety will be with the employer.
The ceiling for financial aid from Kerala Industrial Development Corporation (KSIDC) will be raised from the current Rs 35 crore to Rs 100 crore. In certain cases, KSIDC can also provide higher amount. Measures will be taken to ensure greater involvement of local bodies in industrial promotion and job generation, he added. The government is also taking steps to improve labour relations to ensure the smooth functioning of units right from the start and improve technical capabilities and skilled workforce.
“The investment climate prevailing in the state is most conducive. This is especially significant at a time when certain parts of the country and the world are 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.
The two-day global investors meet started today in Kochi, will showcase over 100 projects in petrochemicals, agro and food processing, defence, life sciences, aeropolis, tourism and hospitality, ports and harbour, fisheries, infrastructure, mobility development, electronic hardware manufacturing, among others.