The Kerala Government plans to float Pravasi Development Bonds with a view to attracting investments from non-resident Indians for the State’s growth, the Minister for Rural Development and NORKA, Mr K. C. Joseph, told the Assembly today.
The objective was to give pravasis an opportunity to make safe investments in the State’s development projects, Mr Joseph said while replying to a calling attention by Mr P. Ubaidulla (IUML), seeking steps to improve the State’s finances by utilising foreign exchange earned by non-resident Keralities.
Steps had been taken to set up a business centre under the Non-Resident Kerala Affairs (NORKA), he said, adding, a Pravasi Law Cell would also be constituted to help expatriates who face legal problems overseas.
A total of Rs 43,288 crore was sent to the State by non-resident Keralities during 2008. According to an emigration monitoring study conducted by Centre for Development Studies in 2008, there were 22 lakh Keralites working in different foreign countries and more than nine lakh in other parts of the country.
The Kerala Government was examining a proposal to set up a bank for receiving deposits and advancing loans to non-resident Keralites, he said, adding, RBI sanction was necessary for it.
Welcoming the Centre’s decision to hold the 2012 Pravasi Bhartiya Divas Sammelan in Kochi, Mr Joseph said the meet would help attract more investments to Kerala and also address the grievances faced by NRKs.
Expressing concern over the frequent hike in flight charges, especially to the Gulf sector, he said the Chief Minister, Mr Oommen Chandy, would take up the issue with the Prime Minister, Dr Manmohan Singh, next month.
The State Government also plans to revive the proposal to start a ‘Kerala Airways’ mooted during the time of the previous UDF Government. The Government was also going ahead with the plan to start ship services from Kerala to the Gulf sector, he said.