Minister for Industries and IT D. Sridhar Babu with members of the leadership team of Malabar Group in Hyderabad on Thursday.
| Photo Credit: Arrangement
Minister for IT and Industries D. Sridhar Babu on Thursday sought to highlight the option of tapping into the Social Stock Exchange to fund welfare schemes of the government.
Addressing a conference on fundraising through Social Stock Exchange, the Minister said it has become important to explore alternative ways of raising funds amid the Fiscal Responsibility and Budget Management (FRBM) limits set by the Reserve Bank of India. Accessing the Social Stock Exchange, designed by capital markets regulator SEBI, could be part of a broader strategy to link social welfare objectives with market-based funds, he said.
In a release, the Minister’s office said he was chairing a high-level review at the Secretariat here on the plan to invite investment from large industrial and commercial companies subject to SEBI and Reserve Bank norms for raising funds. Representatives of National Stock Exchange (NSE), senior officials of the government and others participated.
₹750 crore jewellery unit
On Thursday, Malabar Group representatives, led by its chairman M.P. Ahammed, met the Minister at the Secretariat and briefed him about the progress on the gold and diamond jewellery manufacturing unit it is setting up at Maheswaram, near Hyderabad.
The Minister’s office said Malabar will be setting up the project with ₹750 crore investment by over three years. It has already invested ₹183 crore on the production facilities in the first phase of construction.
Jewellery manufacturing will get underway with 1,500 employees by end of the year. About 1,250 people will also get employment indirectly. Mr.Sridhar Babu urged the Malabar Group leaders to educate and support local goldsmiths on new designs. In response, Mr. Ahammed said 120 women would be imparted training in jewellery making at the Maheswaram unit.
The Minister directed officials to establish a separate fresh water pipeline to the facility and complete all works related to infrastructure within a month.
