Kerala amends Investment Act to boost SMEs, sops for non-residents

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Dubai: The State government has amended the Kerala Investment Facilitation Act which would help non-resident Keralites to invest up to Rs 50 crore in small and medium entreprises (SMEs). It would also help them begin an enterprise without coming to Kerala.

Earlier, the investment cap was Rs 10 crore. The State amended the Act after the Central government raised the investment ceiling to Rs 50 crore.

Those interested could apply through K-SWIFT, the single-window interface launched by the Kerala State Industrial Development Corporation (KSIDC).

NRKs could launch their business initiative with acknowledgement certificates received through K-SWIFT. The remaining certificates of approval need to be submitted only within three years. The norms, however, are applicable only to projects that do not fall under the red category of the Pollution Control Board.

KSIDC managing director M G Rajamanickam said the amendment provides a huge opportunity to NRKs.

Meanwhile, the government is preparing norms for business initiatives with an investment of over Rs 50 crore. The Kerala Investment Bureau under KSIDC with the Principal Secretary as Chairman will facilitate such initiatives. The plan is to provide the necessary approvals within one week of receiving the application.

The State Industries Department plans to launch one lakh SMEs in the coming financial year. Talks are on to provide loans on lesser interest rates in collaboration with Kerala Bank and KSIDC.

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