Domestic Investors Fuel Kerala’s Industrial Growth

KOCHI:
Kerala is on the fast track to industrial growth, and the state could attract investments worth Rs 44,000 crores from domestic entrepreneurs in the last three and a half years alone, Minister for Industries, Coir, and Law P Rajeeve said today.

The minister outlined the state’s future growth trajectory while inaugurating the conclave of entrepreneurs investing Rs 100 to Rs 500 crore organised by the Kerala State Industrial Development Corporation (KSIDC) ahead of Invest Kerala Global Summit, which will be held in Kochi on February 21 and 22, 2025.

The minister said that 696 new enterprises with an investment of more than Rs 1 crore have been started in the state since 2021. Of these, 203 have invested more than Rs 100 crore.

Kerala could attract a total investment of Rs 15,925.89 crore in this segment.

As part of the 2022-23 entrepreneurial year, 3,43,083 enterprises were started, attracting investments of Rs 21,299 crore and providing employment to seven lakh people. Of these, 31 per cent are women entrepreneurs.

He said the state had achieved similar progress in diversification and increased activities of companies with significant investments during this period.

“Many foreign companies are also coming to Kerala ready to invest and exploring new avenues with increased vigour,” Rajeeve said.

“Taking full advantage of this favourable situation, we’ll initiate discussions on new sectors offering massive investment potential.”

The minister said the transparency of the procedures for starting industrial enterprises has brought about a qualitative change in the state’s entire industrial sector.

The State Industrial Policy 2023 has identified 22 priority sectors that could attract substantial investment.

“The Invest Kerala Global Summit is set to be held in such a favourable business environment,” he said.

“Programmes like investors’ meet, sectoral conclaves, and roadshows are going on to provide an opportunity to identify potential areas much in advance.”

The minister added that a collective effort should be made to maintain Kerala’s top position in the central ranking on Ease of Doing Business and that entrepreneurs should become ambassadors of Kerala’s industrial sector.

Principal Secretary (Industries) APM Mohammed Hanish said the state government provides many attractive subsidies and incentives to support new entrepreneurs.

“New entrepreneurs should take advantage of the state’s industry-friendly environment. There should be enterprises from all potential sectors,” he said.

KSIDC Chairman Balagopal C, who gave the keynote address, said the future of an industrial enterprise is as vital as its startup and that the government and KSIDC are providing measures to entrepreneurs to support it.

KSIDC MD S Harikishore, Additional Director, Industries and Commerce Department K.S Kripa Kumar, KINFRA MD Santosh Koshy Thomas, KSIDC Executive Director Harikrishnan R, and Deputy Director, Industries and Commerce Department Lippin Roy LD also participated.

Around 250 entrepreneurs investing between Rs 100 and Rs 500 crore in Kerala shared their views on new investment opportunities and sectors and raised problems and concerns they faced in running industrial enterprises.

Hanish responded to them all and promised solutions.