KOCHI: In a bid to boost the state’s sagging infrastructure, the Kerala Government is planning to offer jobs to Gulf returnees who are willing to invest a portion of their savings in the state’s development projects. Finance Minister T M Thomas Isaac is toying with the idea of providing stimulus to the state economy by luring Gulf returnees to invest in infrastructure projects.
According to Isaac, the move can help the state achieve three goals: 1. Provide an impetus to the infrastructure sector. 2. Get partial, long-term finance for these projects. 3. Ensure economic security for Keralites returning from Gulf countries due to job loss caused by economic slowdown.
“My idea is to offer them (Gulf returnees) jobs if they come forward to invest a sum, say `10-25 lakh, in the infrastructure projects,” he said.
Isaac shared his thoughts on rehabilitation of people returning from Gulf countries due to job loss caused by slump in crude prices during an interaction with ‘Express’ in Kochi. The state government is planning to lure Non-Resident Keralites to invest in infrastructure projects, including Vizhinjam Transshipment Terminal, Kochi Metro Rail Project, Thiruvananthapuram and Kozhikode Light Metro project, Kannur Airport, Vytilla Mobility Hub Second Phase etc.
The plan is to raise `50,000 crore to take up big ticket development projects that can change the face of the state. The crude prices had dipped to $30 per barrel in February this year from a high of $112 per barrel in 2014. Though the prices have recovered to $54/barrel, West Asian countries led by Saudi Arabia are cutting back on investments and freezing large projects to contain the slowdown. This has triggered huge cut in jobs and salaries.
As per the estimates of the Centre for Development Studies, about 27 lakh Keralites are working in UAE and Saudi Arabia. Though there are no estimates of returnees in 2015 and 2016, around 12.48 lakh emigrants returned to Kerala in 2014.