Decision-makers in Kerala stuck with the frog-in-the-well attitude: Kitex MD
The Hindu
Neighbouring States made irresistible offers and incentives, says Sabu M. Jacob
Decision-makers in Kerala, who were stuck with the proverbial frog-in-the-well attitude, must learn from neighbouring States, update themselves, and usher in reforms in order to attract investments, said Sabu M. Jacob, the managing director of Kitex Garments, at Kizhakkambalam near Kochi on Monday. Speaking to mediapersons a day after stating that he would not invest a penny in the State any more, Mr. Jacob said he decided to focus on investments outside of Kerala with a lot of pain. It came as a shocker that officials of different departments in Kerala knew little of how investors were wooed in other States. “The share value of Kitex rose by ₹200 crore within an hour of me boarding a flight to Telengana and this does not bode well for investor confidence in Kerala,” he said. “Stakeholders in Kerala still harp on and take pride in concepts like single-window clearance, something that investor-friendly States began trying out a quarter century ago and is now outdated. Still, the Industries Department claims Kerala is among the most investor-friendly of States. They seem unaware that most NRIs who invested in Kerala are either debt-ridden or on the verge of suicide due to the investor climate in the State,” said Mr. Jacob.More Related News