KOCHI: State Finance Minister K N Balagopal on Sunday said manufacturing industries are crucial for India’s economic growth and asserted that Kerala is already witnessing steady progress in the industrial sector, with the government taking all possible steps to support industries.
He was speaking at the concluding session of the three-day India International Industrial Expo at Angamaly. The expo was organised by the Kerala State Small Industries Association (KSSIA) and Metromart, in collaboration with the Kerala Industries Department and the Union Ministry of MSME.
“Manufacturing industries are crucial for India. Kerala is already recording steady growth in the industrial sector, and the government is making all efforts to support industries,” Balagopal said.
Pointing to the role of technology-driven enterprises, he said, “Industries that are using new technologies have shown tremendous growth. Exhibitions like this are very important as they help introduce new technologies to our industries.”
Highlighting reforms in governance, the minister said Kerala has made major strides in improving the ease of doing business. “Kerala has gone a long way in ensuring ease of doing business. In the last 10 years, the state has achieved things that could not have been imagined earlier,” he said.
Referring to infrastructure development, Balagopal said the Vizhinjam port would significantly boost Kerala’s industrial potential. “Ports like Vizhinjam will further increase the state’s potential, and the state government has made crucial contributions to the development of the port,” he said.
The minister said that financial challenges had never hindered the state’s development. “Financial hurdles have never affected development in Kerala,” he said, adding that pending dues from the Centre had created certain constraints. “But the government has ensured that these issues never affect the development of the state or industries. Licencing is now completed within hours, and industries are offered various loans at low interest rates,” he added.
Highlighting initiatives such as ‘Work Near Home’, Balagopal said the government remains committed to supporting industries, which are the main job providers. “We have ensured all essential infrastructure, including roads, ports and a single-window licencing system, to support industries. Many people who had settled abroad are now returning to start industries here, and we are extending full support to them,” he said.