Loka Kerala Sabha Current Affairs - 2020

Kerala Govt. to set up Non-Resident Keralites Investment company

Kerala Government decided to form a Non-Resident Keralites Investment company with 74% stake to be held by expatriate (or expat) to channelize investments from overseas Keralites for major infrastructure development in the state. Decision in this regard was taken at a cabinet meeting chaired by Kerela Chief Minister Pinarayi Vijayan.

Key Highlights

In Non-Resident Keralites (NRK) Investment and Holding company ltd. 74% of capital will be raised by issuing shares to NRKs and Government will have 26% stake.

The main aim of this shareholding is to utilise NRI investments for implementing various projects.

The company can set up a special purpose vehicle (SPV) or subsidiary company for the purpose.

Special officer of Company: Kerala cabinet also decided to appoint a NORKA (Non-Resident Keralites Affairs) Chief Executive officer (CEO) as special officer of company.

Formation of NRK Investment company was one of the major recommendations submitted by standing committees of Loka Kerala Sabha (World Kerala Assembly). The Loka Kerala Sabha is an event hosted by state government to bring Keralites living across the world under one platform and utilising NRK expertise for developing state.

Projects to be undertaken by the proposed company include construction of NRI townships and infrastructure development.

Kerala Pravasi Dividend Pension Scheme

The government of Kerala has launched ‘Pravasi Dividend Pension Scheme. The governor of Kerala P. Sathasivam made this announcement in the address to the state assembly.

About the Scheme

The scheme has been introduced by the government of Kerala as part of welfare measures towards Pravasi Malayalis. Under the scheme, a regular pension would be provided to Non-Resident Keralites on a one-time payment of Rs 5 lakh. This onetime payment would be deposited with KIIFB (Kerala Infrastructure Investment Fund Board) for financing infrastructure projects.

On the occasion, Governor also announced an international a Toll-Free Line to provide information, register complaints and details about the action taken on various issues faced by the Non-Resident Indians from Kerala and an interactive portal to provide information on job opportunities in various countries, online attestation and recruitment processes.

NRIs of Kerala

The NRI Kerala, God’s own country makes a significant contribution towards the welfare of the state. The inflow of NRI deposits to Kerala stood at Rs 1,52,348 crore at March 2017. Kerala has 2.1 million migrants across the world. and almost 90 per cent of the migrant Keralites are in the Middle East.

The government had initiated Loka Kerala Sabha (LKS) with the aim of using the expertise, talent and resources of NRIs from Kerala for the overall growth and development of the state. The LKS provides a platform for offering meaningful say by the NRI community in implementing schemes for building a new Kerala.