The just-concluded Invest Kerala, a grandiose global summit in Kochi showcasing the state’s investment destination potential, can be deemed a success because it sent out positive signals about the government’s intent to create a business climate and push for rapid development.
Speakers participating in the discussions extolled the virtues of Kerala, the human capital it takes pride in, and its potential to lead India’s economic growth. The event garnered expressions of interest (EoIs) for investments worth ₹1.53 lakh crore, which should be considered a bonus. As many as 374 companies submitted EoIs, the Adani Group leading the chart with an assurance of ₹30,000 crore investments over five years. Twenty-four IT companies favoured expanding operations at an investment of ₹8,500 crore, generating 60,000 more jobs.
The Kerala government said it will create a fast-track mechanism, including a dashboard-based online system, to realise these investments. A key takeaway is that the summit made progress in changing the long-standing perception of Kerala being a business-unfriendly state with a highly militant labour force and a hostile political climate. Bipartisan political support is the other, as the ruling and the opposition parties came together on a common platform to jointly pitch for the state, with the BJP-ruled Centre extending its whole-hearted support. The message was that development is above politics, and economic growth is non-negotiable.
With the summit done, the real work begins now. It does not matter who was at the summit and who said what unless the government shows commitment to cashing in on the goodwill generated and ensures customary lethargy or political compulsions do not hamper its plans. The ongoing controversy over the Palakkad brewery project exemplifies how industrial plans can still get caught in Kerala’s characteristic political crossfire. Most companies that submitted EoIs at the summit already have a presence in the state. Kerala must find a way to break out of its limitations and make itself attractive to global giants, especially those in the tech world. Beyond the grandeur of the summit, the challenge is to convince investors to see value in brand Kerala and provide a conducive atmosphere if they do decide to come in. The summit may have helped spread the good word, but the state still has its task cut out.