NRKs want to invest in infra bonds

KOCHI: They’ve made loads of money sweating it out in distant lands. Instead of stashing it away in banks can all that hard-earned money be used to fund infrastructure development in Kerala? That was the question which was raised in the session on non-resident Keralites (NRKs) at the Emerging Kerala meet, which was inaugurated by CM Oommen Chandy. Noted NRK businessman and vice-chairman of Norka-Roots, M A Yusuffali, pointed out that Kerala should have quality infrastructure for the NRKs to invest in the state.
He said that there are many instances of Gulf-returnees investing in the state and going back to the oil-rich countries when their businesses turn unviable. “It is the responsibility of the state government to provide infrastructure for attracting investments. Banks have invested the money deposited by them outside the state and it will be used there for developmental activities. The state government should look at issuing infrastructure bonds so that it can utilize this money for the development of state infrastructure,” he said.
C K Menon, CMD, Behzad Group, also urged the government to issue profit-guaranteed bonds for a period of five to ten years for developmental purposes. “People working in the Gulf countries can invest a lot of money. With the RBI relaxing the norms for issuing bonds, the state government should take the necessary steps so that it will help the state overcome the economic slowdown as well,” he said.