New Industrial Policy to be released in January next year, said Kerala’s Industries Minister, P Rajeeve | The Financial Express

New Industrial Policy to be released in January next year, said Kerala’s Industries Minister, P Rajeeve

Ease of Doing Business for MSMEs: “We will play to our strengths and see wherever we can utilise our production capabilities to manufacture in Kerala. We will focus on our core strengths and aim to promote employment generation,” Rajeeve said.

New Industrial Policy to be released in January next year, said Kerala’s Industries Minister, P Rajeeve
P. Rajeeve said that the new policy has the objective to tap the strengths of the state and foster investments in sunrise sectors.

Ease of Doing Business for MSMEs: Kerala on Thursday unveiled a new draft of the industrial policy with a special focus on upgrading skills of youth for future jobs, industries and technologies of the fourth industrial revolution.The policy aims at aligning the industrial sector with the state’s vision of responsible and sustainable investments.

Presenting the draft of the industrial policy, Minister for Industries, Law and Coir, Government of Kerala, P. Rajeeve said that the new policy has the objective to tap the strengths of the state and foster investments in sunrise sectors.

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“We will play to our strengths and see wherever we can utilise our production capabilities to manufacture in Kerala. We will focus on our core strengths and aim to promote employment generation,” Rajeeve said. 

He also said that the draft industrial policy would be shared with stakeholders within 10 days, and inputs would be taken from industry bodies and others before finalising the policy.

He further mentioned that the new industrial policy would be released in January 2023, and be effective from April 1, 2023. 

The key pillars of the new policy include fostering entrepreneurship, enabling infrastructure, being ready for the Industrial Revolution 4.0 and upgrading skill sets of youth for futuristic jobs, an official statement said.

The draft policy anticipates creating more employment opportunities, retaining the talent pool, assuring balanced regional development and providing incentives for sustainable and responsible investments.

Artificial intelligence, space sector, ayurveda, biotechnology, designing, electronic system design & manufacturing, electric vehicles, engineering & research and development, food technology, and Graphene are some of the priority sectors identified in the draft industrial policy. 

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Other areas identified for emphasis are hi-tech farming, high value-added rubber products, logistics, medical equipment, nanotechnology, renewable energy, retail, robotics, tourism & hospitality, 3D printing and marine cluster. 

The policy draft offers several incentives including investment subsidy on fixed capital, State Goods and Services Tax (SGST) reimbursement and apprenticeship incentives for the manufacturing sector.

The new policy is coming after a four years gap as the existing industrial policy was formulated in 2018.

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