Government to raise E10,000 cr from NRKs

The target is to get the chit fThe state government will raise Rs 10,000 crore from non-resident Keralites spread across the globe to finance the forthcoming infrastructure projects by launching a ‘Pravasi chit fund’ by the Kerala State Financial Services Enterprises (KSFE).und subscribed by at least one lakh NRKs in the first year

Published: 14th October 2017 01:14 AM  |   Last Updated: 14th October 2017 07:35 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The state government will raise Rs 10,000 crore from non-resident Keralites spread across the globe to finance the forthcoming infrastructure projects by launching a ‘Pravasi chit fund’ by the Kerala State Financial Services Enterprises (KSFE).The target of the government is to get the chit fund subscribed by at least one lakh NRKs in the first year. The NRKs need not contribute any money initially but can join the chit fund and give the monthly remittance. The bonds issued for the construction of infrastructure projects will be raised through the chit fund.

Chief Minister Pinarayi Vijayan will soon launch the scheme. According to the Chief Minister, the government will adopt a two-pronged strategy to empower the returnees through financial support for their ventures and also to raise funds from NRKs for the infrastructure development of the state. 
The government aims to develop of two highways — 1,267 km hill highway and 630 km coastal highway — through the NRK bonds.The government will also host the first ‘Loka Kerala Sabha’, a high-level summit of all MPs and MLAs from the state, and representatives of over 200 registered Malayalee associations spread across the globe. 

The meeting will address the problems of the diaspora and also rope in their support for key initiatives like the NRK bonds.  The meeting will be organised on January 12 and 13  in Thiruvananthapuram, by Norka-Roots, the nodal agency of the government under its Non-Resident Keralites’ Affairs (NORKA) Department.

“The meet assumes significance in the wake of large-scale reverse migration of NRKs following a general slowdown in the global economy and tightening of labour laws and rules in the Gulf Corporation Council countries,” said K Varadarajan, executive vice-chairman of Norka-Roots.As part of the meet, Norka-Roots will also organise a brainstorming session on mission inclusiveness to involve NRKs in the growth and development of the state, Varadarajan said.

The delegates attending the meet will also deliberate on other issues, including how to give a fillip to the education of second-generation NRKs, besides finding ways to give a booster dose to the healthcare and tourism sectors. Leaders from respective fields will lead panel discussions on sector-specific issues and draw a roadmap to take the sectors forward, Varadarajan said.

Stay up to date on all the latest Kerala news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp