THIRUVANANTHAPURAM: A capital investment subsidy scheme and SGST reimbursement for non-MSMEs and electricity duty exemption for MSMEs are among the highlights of the draft industrial and commercial policy unveiled by Industries Minister P Rajeeve here on Thursday. The offers are exclusive to sunrise or priority sectors identified by the government.
Non-MSMEs will be eligible for a 10% investment subsidy on fixed capital capped at Rs 10 crore. Cent percent reimbursement will be offered on capital investment for five years. An apprenticeship incentive has been announced in the manufacturing sector wherein 1,000 apprentices will be provided 50% of the stipend subject to a maximum of Rs 5,000 per apprentice for six months.
Rajeeve said the new policy aims to tap the inherent strengths of Kerala and foster investments in sunrise sectors. “We will play to our strengths and explore our production capabilities. Focus will be on our core strengths to promote employment generation,” he said. The existing industrial policy was formulated in 2018. Stakeholders’ feedback will be taken on the draft.
The new industrial policy will be released in January 2023 and will be in effect from April 1, 2023. The 20 sunrise sectors include artificial intelligence, space sector, ayurveda, biotechnology, designing, electronic system design and manufacturing, electric vehicles, engineering & research and development, food technology, and graphene. Other areas are hi-tech farming, high value-added rubber products, logistics, medical equipment, nano technology, renewable energy, retail, robotics, tourism and hospitality, 3D printing and marine cluster.