Kerala budget proposals to boost overall economic development: Chambers

Commerce and Industry hailed Kerala’s budget, saying the announced measures are expected to give impetus to overall economic development, especially when the average GST collection data over the past two months recorded a growth of 14 .5% indicating strong economic growth. recovery.

The Cochin Chamber of Commerce and Industry said the budget took into account the chamber’s proposals such as establishment of industrial facilitation centers, overhaul of plantation sector laws, promotion of private industrial parks , the allocation of ₹100 crore for a program to alleviate extreme poverty and focus on food. processing sector.

The ₹200 crore allocation for Industrial Facilitation Parks will be a game changer for Kerala’s industrial climate. Appreciating the special focus given to startups, the chamber said the ₹200 crore allocation for setting up translational research centers and startup incubation centers on college campuses could pave the way for campuses to become centers of innovation and job creation.

Priority to start-ups

The ₹250 crore capital fund for startups will enable greater growth for startups in Kerala. The plan to prioritize startups in public markets will provide a huge market opportunity for startups to grow, thrive and sustain themselves.

Vikas Agarwal, President of the Indian Chamber of Commerce and Industry, said the new IT parks in Kannur and Kollam and the launch of satellite IT parks alongside NH would give a boost to the sector and have the potential to double exports in a very short time. The proposal to increase the fair value of the land by 10%, generating an additional ₹200 crore, is a small step, but surely a good start.

The emphasis on industrial support for agriculture also deserves special appreciation. The constitution of the Value Added Agricultural Mission and the establishment of a marketing company on the model of CIAL will make it possible to expand the market for agricultural products and thus support the agricultural community of Kerala.

Cruise tourism connectivity between Kovalam, Kollam, Kochi, Beypore, Mangalore and Goa would attract more tourists, he said.

VKC Razak, chief executive of VKC Group, said a recently announced year-long campaign would help rejuvenate the Covid-stricken economy and would go well with the “Shop Local” campaign to promote neighborhood businesses. Financial assistance for small businesses to modernize is a welcome measure. Since Kerala is a major center of footwear production, these announcements are also expected to help unorganized manufacturers in the footwear industry in the state.

Published on

March 11, 2022

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