Thiruvananthapuram: Kerala’s new industrial policy which will be released in January 2023 will come into effect from April 1 next year.
The policy has a strong focus on the upgrading skills of youth for jobs of the future, industries and technologies of the fourth industrial revolution, and aligning the industrial sector with the state’s vision of responsible and sustainable investments.
The new policy will aim to tap the inherent strengths of the state and foster investments in sunrise sectors, Minister for Industries, Law and Coir P. Rajeeve said on Thursday.
“We will play to our strengths and see wherever we can utilise our production capabilities to manufacture in Kerala. We will focus on our core strengths and aim to promote employment generation,” he said.
The existing industrial policy was formulated in 2018. Rajeeve said the draft industrial policy will be shared with stakeholders within 10 days, and inputs will be taken from industry bodies and others before finalising the policy.
The key pillars of the new industrial policy include fostering entrepreneurship, enabling infrastructure, being ready for the Industrial Revolution 4.0 and upgrading skillsets of youth for futuristic jobs.
The draft policy envisages creating more employment, retaining the talent pool, ensuring balanced regional development and giving incentives for sustainable and responsible investments.
Some of the priority sectors identified in the draft industrial policy are artificial intelligence, space sector, ayurveda, biotechnology, designing, electronic system design and manufacturing, electric vehicles, engineering and research and development, food technology and graphene.
Other areas identified for emphasis 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.
Several incentives have been included in the draft policy, including investment subsidy on fixed capital, SGST reimbursement and apprenticeship incentives for the manufacturing sector.
Principal Secretary (Industries) A P M Mohammed Hanish, Principal Secretary Industries Suman Billa, KSIDC Managing Director and Director of Industries S. Harikishore and Kinfra Managing Director Santhosh Koshy participated in the meeting.