Trivandrum: The Kerala State Industrial Development Corporation (KSIDC) is celebrating its 55th anniversary. It was on July 22, 1961 that KSIDC embarked on a journey to transform Kerala’s industrial scenario.
Speaking after inaugurating the annual celebration of KSIDC and a workshop on ‘Ease of Doing Business’, Minister for Industries, Shri E P Jayarajan said that a new industrial policy that would do away with the hassles of starting and running a new venture would be soon announced in the State.
Addressing the rules and regulations governing the launch of new industries, the Minister said bureaucrats will be asked to provide all sanctions required by the industrialist within 30 days of application. If a department delays it beyond 30 days it would be considered as an ‘approval’.
The work of district industries centres will be revamped. The online communications will be improved so that the industrialists and the government department can communicate faster. The management of the public sector units will be modernised. Private investment will be encouraged in all areas except mining, he added.
P H Kurian Principal Secretary – Industries said that the bureaucrats interpret the old rules governing the industry in different ways and this usually leads to delay in giving sanctions. This practise should change. The system of annual renewal of license is another rule that should change, he opined.
In 1961 KSIDC entered the industries sector with a capital of Rs. 5 crore. Today it has made a total capital investment of Rs. 30,124 crores and provides employment to more than 800 people. In 2015-16, KSIDC provided Rs. 69.76 crores financial assistance to companies with Rs. 9,163 crores capital investment, recording a growth of 48%. The Corporation made a profit of Rs 49.98 crores in 2015-16, which is an all-time record and is the most profit making unit among the public sector undertaking.
The Workshop on Ease of Doing Business was conducted in the backdrop of Kerala having been ranked 18. KPMG made a presentation on the rank of Kerala in comparison with other States, the areas to be focussed to improve the rank and the measures to be taken.
Dr M Beena, MD, KSIDC and P M Francis, Director, Industries were among those present.
Kerala Biz News