Thiruvananthapuram, June 28: An experienced expatriate from Kerala, who has spent nearly five decades in the United Arab Emirates, has urged Chief Minister V.D. Satheesan to make the proposed Thiruvananthapuram-Kasaragod high-speed rail corridor the first major project that channels the substantial funds sent by Keralite expatriates into productive investments.
K.V. Shamsuddin, president of the Migrant Welfare Trust, wrote to Chief Minister Satheesan, suggesting that the government’s initiative to transform Keralite expatriates from mere remittance senders into long-term investors could begin with the ambitious railway project led by Metro Man E. Sreedharan.
Drawing parallels with the successful funding model adopted for Konkan Railway, Shamsuddin proposed that the state issue secure, redeemable, tax-free, non-convertible bonds to Non-Resident Keralites (NRKs) to raise funds for this project.
He stated, “I had the privilege of promoting tax-free bonds for Konkan Railway among expatriate Indians in the UAE. I have seen firsthand the enthusiasm they show for nation-building projects. I believe that if a reliable investment opportunity is created for Kerala, the Malayali expatriates will respond similarly.”
Shamsuddin highlighted that Malayalis send approximately ₹23-25 lakh crore to Kerala annually, which constitutes about one-fifth of the total remittances to India. Additionally, over ₹3 lakh crore of Non-Resident External (NRE) deposits sit idle in Kerala’s banks, earning negligible interest and not being directed towards productive investments.
He argued that if even a fraction of these savings were invested in infrastructure, industries, and job creation projects, Kerala could undergo a fundamental transformation in its economy.
Shamsuddin concluded that Kerala’s biggest challenge is not a lack of capital but the absence of opportunities to convert domestic savings into long-term investments.
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