Speaking after inaugurating the 55th annual celebration of the Kerala State Industrial Development Corporation and a workshop on 'Ease of doing business', Industries Minister E P Jayarajan said a new industrial policy that would do away with the hassles of starting and running a new venture would be soon announced in the state.
Private investment would be encouraged, except in the mining sector, he said, adding that the government's policy is to reserve the mining sector for the public sector.
The rules and regulations connected with the launch of new industries needed changes in accordance with time, he said.
"An industry requires several sanctions. Some bureaucrats who refuse to implement projects in a time-bound manner are creating problems," he said.
Instructions would be given to authorities concerned to provide all sanctions required by industrialists within 30 days of application. The management of public sector units would be modernised, he said, adding professionals suitable for this purpose would be identified and recruited. KSIDC, set up in 1961 with with a capital of Rs five crore, today has made a total capital investment of Rs 30,124 crore.
Giving financial aid, providing single window clearance and loans to buy equipment, etc are some of its functions. In 2015-16, KSIDC provided Rs 69.76 crore financial aid to companies with Rs 9,163 crore capital investment, recording a 48 per cent growth. The corporation made a profit of Rs 49.98 crore in 2015-16, which is an all-time record.