THIRUVANANTHAPURAM: A cabinet meeting on Wednesday approved Kerala Industrial Policy for 2023. The policy aims to turn the state into a hub of the most developed industries, said Industries Minister P Rajeeve. The policy is in line with the state’s vision to achieve an industry 4.0-ready ecosystem by 2028 for generating responsible investments and fostering innovation across sectors.
The policy takes a comprehensive view of the industrial growth in the state by attracting investments, fostering innovative ideas and creating a sustainable industrial environment. The minister spoke of the measures to be taken by the department in the form of incentives and support systems to promote the next stage of industrial growth.
According to him, the state is best suited for implementing the industrial revolution 4.0, and hence, there are incentives for sunrise industries in the sector. He highlighted that the focus is on Environmental Social Governance (ESG) investments and 21 key production sectors to achieve the goal. The department will reimburse 20% of the investments (maximum amount of Rs 25 lakhs) in areas required for industrial revolution 4.0.
These areas are artificial intelligence, data mining and analysis, etc. The policy documents reiterated government support for startups looking to scale up their business. The policy also offered support for the Kerala Brand products to break into markets abroad.
The minister said it was a misconception that the state was not industry-friendly. He pointed out the successful making of INS Vikrant, the first indigenous aircraft carrier built at Cochin Shipyard, as a fine example of the capacity of the state.