Kerala government plans to float Pravasi Development Bonds
MDT/PTI 22 June 2012

Kerala government is planning to float Pravasi Development Bonds for attract investments from non-resident Indians for the state's development projects

Thiruvananthapuram: Kerala government plans to float Pravasi Development Bonds with a view to attract investments from non-resident Indians for the state's growth, minister for Rural Development and Non Resident Kerala Affairs (NORKA) KC Joseph told the assembly on Wednesday, reports PTI.

The objective was to give opportunity to pravasis to make safe investments in the state's development projects, Joseph said while replying to a calling attention by P Ubaidulla (IUML) seeking steps to improve state finances by utilising foreign exchange earned by non-resident Keralities.

Steps had already been started to set up a Business Centre under the NORKA, he said, adding, a Pravasi Law Cell would also be constituted to help the expatriates who face legal problems in foreign land.

A total of Rs43,288 crore was sent to the state by non-resident Keralities during 2008. As per 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 were working in other parts of the country.

Kerala government was examining a proposal to set up a Bank for receivinig deposits and advancing loans to non-resident Keralities, he said, adding, RBI sanction was necessary for it.

Welcoming Centre's decision to hold 2012 Pravasi Bhartiya Divas Sammelan in Kochi, Joseph said the meet would help to attract more investments to Kerala and also to address the grievances faced by NRK's.

Expressing concern over the frequent hike in flight charges, especially to gulf sector, by airline companies, he said Chief Minister Oommen Chandy would take up the issue with Prime Minister Manmohan Singh next month.

State government also plans to revive the proposal to start 'Kerala Airways' mooted during the previous UDF government time. The government was also going ahead with the plan to start Ship Service from Kerala to Gulf sector, he said.

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