Keralam to be transformed from remittance economy to investment economy, says CM V.D. Satheesan

On Wednesday, the Keralam Cabinet approved a new initiative called Saral Keralam, a scheme aimed at simplifying and accelerating investment approvals in the state. Chief Minister V D Satheesan revealed that the government amended 19 existing laws as part of the scheme, implementing a 'One State, One Approval, One Document' principle.

Under Saral Keralam, investments between ₹25 crore and ₹50 crore will be managed by a district-level body, while those exceeding ₹50 crore will be handled by a state-level body. A committee has been established to oversee the process, with timelines set for each department to assess investment proposals.

Satheesan informed reporters that once a proposal is submitted, the respective departments must complete their examination within the allotted time and submit their response. Despite continuing their statutory scrutiny, they will have to meet the prescribed deadlines. The departments will then present their responses to the committee, which will make the final decision on the proposal.

An appeal mechanism has also been included in the scheme, allowing departments to raise objections if a proposal fails to meet their requirements. This move aims to eliminate the prolonged delays faced by investors, with some investment proposals remaining pending for up to seven years, while others have been stuck for five years.

Satheesan emphasized that this is a significant and revolutionary step to attract more investments to Keralam. The scheme was developed after thorough studies and consultations with all departments; a draft was circulated to gather suggestions before the final proposal was submitted to the Cabinet for approval. Satheesan hailed Saral Keralam as a major step that will bring substantial changes to the state's investment sector, stating that it is opening a new door to the state's development potential.