Economy News


Written by Talent KAS

Related Topic in KAS Prelims Syllabus:

Economy [Paper-II]: Economy of Kerala, Insfrastructure and resources


Kerala Chief Minister Pinarayi Vijayan inaugurated a two-day ASCEND 2020 global investors meet in Kochi on January 9, 2020.

About Ascend 2020

  • The two-day conclave is an occasion to present Kerala as a stage ripe for fresh investments in areas ranging from defence technology and petrochemicals to food processing and hospitality.
  • The meet is also an occasion for the State to present a progress card on improving its business environment since the ease-of-doing business campaign was launched at ASCEND 2019.
  • Showcasing more than a 100 projects across nine sessions, that include six panel discussions, the conclave seek to invigorate development in sectors like petrochemicals, agro and food-processing, defence, life sciences, aeropolis, tourism and hospitality, ports and harbour, fisheries, infrastructure, mobility development, logistics and electronic hardware.

Key Highlights

  • Kerala government unveiled a set of initiatives that will enhance the ease of doing business, including a wage subsidy scheme for the first five years for new ventures getting registered from April 1, 2020.
  • Seeking to remove the land constraints faced by big units, the 15-acre ceiling on the land to be held by them will be relaxed. The units investing more that Rs 250 crore and providing over 1,000 jobs will be entitled to this concession.
  • The bar on women factory workers being put on night shift will be lifted. It will be the responsibility of the employer to ensure their safety.
  • The ceiling for financial aid from Kerala Industrial Development Corporation (KSIDC) will be raised from the current Rs 35 crore to Rs 100 crore. In certain cases, KSIDC can also provide higher amount.
  • Measures will also be taken to ensure greater involvement of local bodies in industrial promotion and job generation.

[Source: The Hindu, Financial Express]


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