Kerala presents funding subsidy for logistics parks, unveils draft coverage

Kerala Trade Minister P Rajeeve has launched the draft logistics coverage, asserting an funding subsidy of as much as ₹7 crore for logistics parks within the State. In accordance with the proposal, a 10-acre logistics park will get a subsidy of ₹7 crore, and for a five-acre mini-park, ₹3 crore might be offered.

The draft coverage additionally recommends declaring logistics parks as industrial zones and establishing a single window system for approval of the parks.

The report of the Directorate of Industries and Commerce says that industrial land might be launched for logistics functions. “Merchandise value ₹1.5 lakh to ₹1.5 lakh crore are arriving in Kerala from different Indian States and this chance needs to be absolutely utilised,” the minister mentioned, whereas presenting the draft coverage.

Stakeholder assembly

 A gathering of the Logistics Consultative Discussion board involving business stakeholders within the area was additionally held in reference to the revealing of the draft coverage to faucet into India’s logistics business, which is rising by 8.8 per cent yearly.

As per the draft coverage, the ability growth initiatives required for the logistics sector might be formulated within the areas of storage, transportation and different companies.

The draft coverage recommends stamp obligation exemption for logistics and mini logistics parks. It additionally envisages a State-level Logistics Coordination Committee headed by the Chief Secretary, a Logistics Cell headed by the Principal Secretary of the industries Division and a Particular Committee for cities.

Suman Billa, Principal Secretary of Industries Division mentioned logistics was of particular significance in Kerala as a client State. He mentioned Kerala consumes greater than 6 per cent of the nation’s fast-moving client items (FMCG). The federal government intends to make use of this potential to convey employment alternatives within the logistics sector by means of a complete coverage, he added.

KSIDC Chairman Paul Antony says Kerala had limitless prospects within the logistics sector and the federal government would offer all obligatory amenities for its progress. However the business gamers have a giant function to play on this.

S Harikishore, Director, Industries Division and Managing Director, KSIDC, made an in depth presentation on the coverage on the assembly. The federal government is planning to submit the coverage for approval by June after contemplating the solutions acquired from the stakeholders within the subject.