business ๐ NRI savings push for Kerala's economic boost
The Pravasi Bandhu Welfare Trust is urging the Kerala government to utilize Non-Resident Keralites' savings and networks for economic growth. Chairman K.V. Shamsudheen submitted a memo to CM V.D. Satheesan with specific proposals for investment. The trust notes over โน3 trillion in NRE deposits are earning under 7% interest, which needs mobilization. Suggestions include launching NRK mutual funds and issuing tax-free bonds for infrastructure projects. The initiative aims to boost manufacturing, tourism, and IT sectors in Kerala.