Kerala Government has recently released a New Industrial Policy 2023 for the state. The policy will apply without any expiry. The Industrial policy is based on the 7 Pillars being the basic objective of the scheme which are as under:-
1. Fostering Entrepreneurship
2. Enabling Infrastructure
3. Transition to Hi-Tech
4. Skill Development
5. Supportive Business Environment
6. Enhancing ‘Kerala’ Brand Equity
7. Priority Sector based industrialization
An interesting initiative announced under the policy is a Composite License scheme wherein the mega projects will be approved within 7 days through a composite license and the said projects need not to apply to different authorities for obtaining the license.
The state has identified following sectors being key for the growth of manufacturing in the state:-
1. Aerospace and Defence
2. Artificial Intelligence, Robotics and Other Breakthrough Technologies
3. Ayurveda
4. Biotechnology & Life Sciences
5. Design
6. Electric Vehicles
7. Electronic System Design & Manufacturing
8. Engineering Research & Development
9. Food Technologies
10. Graphene
11. High Value-Added Rubber Products
12. High-tech Farming and Value-Added Plantation Produce
13. Logistics & Packaging
14. Maritime Sector
15. Medical Equipments
16. Nano Technology
17. Pharmaceuticals
18. Recycling & Waste Management
19. Renewable Energy
20. Retail Sector
21. Tourism & Hospitality
22. 3D Printing
The Focus industry sector includes some sectors which were not recognised by any other state such as Ayurveda, Graphene, 3D Printing etc.
In terms of the Fiscal incentives, the state aims to provide all kinds of incentives for setting up manufacturing in the state. Special incentives inter alia includes IR 4.0 Incentives for big data tools, incentives for the applicants approved under Production Linked Incentives (PLI) scheme of the Central government.
Read the complete Kerala Industrial Policy 2023.
