Kerala has decided to offer tailored incentive packages to large, mega, and ultra-mega projects of special importance. The decision to offer incentive packages has been taken to win the confidence of entrepreneurs, stimulate economic growth, and create more employment opportunities.
As per the details available from government officials, a High-Power Committee has been formed to identify the projects for offering the incentives. The Committee, to be headed by the Chief Secretary, aims to attract significant investments to the state by providing customised support on a case-by-case basis.
A senior industry department officer said the government issued an order on September 25 for the formation of the High-Power Committee.
The GO said the Committee is being constituted under the provisions of the new Kerala Industrial Policy aimed at accelerating economic growth and fostering employment opportunities in the state.
“In order to promote entrepreneurship in the state, the Government is pleased to constitute a High Power Committee with the following composition, for considering the proposals/applications to provide incentives declared in the Industrial Policy 2023, to large, mega and ultra mega projects of special importance, on a case-to-case basis. The committee will comprise the Chief Secretary, Additional Chief Secretary (Finance), Principal Secretary (Industries), Director of Industries and Commerce, Managing Director, KSIDC and Managing Director, KINFRA,” the GO said.
“The High-Power Committee will assess proposed projects based on their potential economic impact, job creation capacity, and alignment with the state’s development goals. Incentives may include tax breaks, land allocation, infrastructure support, and streamlined clearance processes. We’re looking at potential investments across sectors such as IT, biotechnology, and renewable energy,” revealed a senior official from the Industries Department.
Samudra Shipyard CEO Dr S Jeevan said the transformations happening in the industrial sector in Kerala are a positive step in attracting new investments to the state. “These initiatives are a proactive approach to industrial development. We hope the initiatives yield the desired results.”
The Committee is expected to work closely with various government departments to ensure swift decision-making and implementation of incentive packages. Sources within the government indicate that several high-profile projects are already under consideration.
