Private investors are increasingly channeling significant capital into the development of private industrial parks in Kerala signalling a strong vote of confidence in the state’s economic prospects. These private industrial parks are poised to stimulate economic growth, create job opportunities and foster innovation across various industries.
Officials with the industries department said in the last few years, Kerala has emerged as a favourable destination for private investments in industrial infrastructure. Data from the industries department say the government has given approval for eight private industrial parks while six more are under consideration. The department has also received 25 applications for starting private industrial parks in the state.
Recently, Industries Minister P Rajeeve has said that private industrial parks and campus industrial parks will be accelerating the state’s economic development. “Private industrial parks starting in at least 10 acres of land are eligible for a grant of up to Rs three crore,” he said. To attract more investment to fruit cultivation and processing, Kerala has also decided to bring fruit cultivation under the plantation sector as envisioned in the state’s 2023 Industrial Policy.
The state government has decided to take a step in this direction after identifying fruit cultivation as one of the sustainable business models with growth potential that can accelerate the development of the food-processing sector. The Minister said the government was implementing an array of projects to promote food-processing and the state saw 1,39,000 new units being registered under the sector in the past year.