Kerala’s new industrial policy will help tap the inherent strengths of the State and foster investment in sunrise sectors, Industries Minister P. Rajeeve said here on Thursday.
Presenting the draft policy at a function here, he said the focus would be on upgrading skills of youth for jobs of the future industries and technologies of the fourth industrial revolution, and aligning the industrial sector with the State’s vision of responsible and sustainable investments. “We will play to our strengths and see wherever we can utilise our production capabilities to promote manufacturing in Kerala. The aim will be to generate employment in the State,” he said.
Effective from April 1
The existing industrial policy was formulated in 2018. Mr. Rajeeve said the draft industrial policy would be shared with stakeholders within 10 days, and inputs sought from industry bodies and others before finalising the policy. The new policy would be released in January 2023, and will be effective from April 1, 2023.
The key pillars of the new industrial policy include fostering entrepreneurship, enabling infrastructure, being ready for the Industrial Revolution 4.0 and upgrading skillsets of youth for futuristic jobs. The draft document envisages creating more employment, retaining the talent pool, ensuring balanced regional development, and giving incentives for sustainable and responsible investments.
Priority sectors
Some of the priority sectors identified in the draft industrial policy are artificial intelligence, space sector, Ayurveda, biotechnology, designing, electronic system design and manufacturing, electric vehicles, engineering and research and development, food technology, and Graphene. Other thrust areas are hi-tech farming, high value-added rubber products, logistics, medical equipment, nano technology, renewable energy, retail, robotics, tourism and hospitality, 3D printing and marine cluster.
Many incentives
Several incentives have been included in the draft policy, including investment subsidy on fixed capital, SGST reimbursement and apprenticeship incentives for the manufacturing sector.
Principal Secretary Industries A.P.M. Mohammed Hanish, Principal Secretary Industries Suman Billa, KSIDC Managing Director and Director of Industries S. Harikishore, and Kinfra managing director Santhosh Koshy were present.
