Inclusion of Kerala in the ambitious industrial corridor projects in the country by extending the Chennai-Bengaluru industrial corridor to Kochi has the potential to turn Palakkad into a major manufacturing hub.
It is a big opportunity for the State as industrial corridors have acted as harbingers of growth, says Prasad K. Panicker, executive director, BPCL Kochi refinery. He said Kerala was planning big already with a slew of industrial parks being lined up.
“These include petrochemicals, rubber, and electronic parks. The industrial corridor will help boost the gains from the ventures. What is now needed is for the State to act as fast as it can so as not to lose time on the project,” he added.
BPCL had, last week, announced the beginning of commissioning activities of the petrochemical venture propylene derivatives petrochemical project, which will have three three major units.
Niche products
Upon commissioning of the petrochemicals project, Kochi refinery will become the first refinery in the country to produce niche petrochemicals, which are being now imported in large quantities.
It will manufacture niche petrochemicals such as acrylates, acrylic acid, and oxo-alcohol. Along with it, the sanction for the industrial corridor project will speed up the process of a new wave of manufacturing industry in the State.
On another front, the proposed establishment of two industrial clusters - at Palakkad and Salem - as part of the industrial corridor project will provide great connectivity and boost downstream businesses, says Sunny Malayil, president of the Indian Chamber of Commerce and Industry.
Boost to business
He said the realisation of the two industrial clusters would definitely boost business in Kerala, especially at cargo hubs such as the International Container Transshipment Terminal.
“The terminal has handled about 5.9 lakh TEUs of cargo. The volume can easily go above seven lakh TEUs a year with the commissioning of the industrial clusters,” Mr. Malayil added.
A concept paper from the Kerala State Industrial Development Corporation says that the “corridor will integrate at local, national, and global level through industrial development”.
The industrial corridor will also contribute to Kerala State Vision (Perspective Plan 2030) to achieve a compound annual growth rate of 7.5% in GSDP per capita for the next 20 years.
