The LDF manifesto will propose setting up Kerala Bank by merging 14 cooperative banks, with a plan to invest Rs. 40,000 crore to develop roads by converting state and district roads to double lanes and national highways to four lanes. It will also propose an arterial railway line to facilitate travel across the state within 5 hours. The manifesto aims to spur startup activity and revitalize infrastructure development while ensuring equitable capitalism. Former finance minister T.M. Thomas Isaac, who is involved in drafting the manifesto, believes these measures will create 50 lakh jobs and support the LDF's vision of a new, modern Left agenda in Kerala.

1. Shenoy Karun &
Boby Kurian | TNN
Kochi: With the ‘New Left’ agenda,
LDFisplanningabiginfrastructure
pushinKeralawhilealsoensuringa
boost for startup activity. If voted to
power, the LDF has promised to cre-
ate a Kerala Bank to tap finances for
itsambitiousinitiatives.Theparty’s
electionmanifesto,expectedonApril
19, will outline the plan to merge the
14 district and state cooperative
banks to form one big bank. “It will
be among the top five banks in Kera-
la, like SBT, if you total the assets,”
said former state finance minister T
M Thomas Isaac.
The plans for a new bank, mod-
elledontheJ&KBank,wasdiscussed
at CPM state meet in January 2016.
FormerJ&KBankchairmanHaseeb
Drabu is a friend of Isaac. “We had
been toying with this idea for some
time, but had faced opposition from
within earlier. Now, we are ready to
amalgamate all cooperative banks
into a single professional entity,”
Isaac said.
Inastatewhereover40banksare
operating,Isaacisoptimisticof gen-
erating business. “We believe it will
attract significant remittances from
our diaspora in the Middle East,” he
said. Remittances from the Middle
East is said to have crossed Rs 1.10
lakh crore in FY16. The infrastruc-
turepushintheLeftagendaincludes
convertingallstateanddistrictroads
into double lanes and making na-
tional highways four-lane roads.
Isaac felt that Kerala’s road con-
struction plans will need Rs 40,000
crore over the next five years. The
specialpurposevehicleundertaking
theconstructionwillbeassigned50%
of the motor vehicle tax every year.
“With assured income flow over a
long period, it can raise funds from
banks and the market securitizing
the income flow,” he said.
LDF is ready to work on an arte-
rial railway line if the Indian Rail-
waysiswillingtojoinhandsforabig
venture.“Wearenotcallingitahigh-
speed rail as there are alignment is-
sues. Our aim is to travel from one
end of the state to the other within
five hours,” Isaac said.
Besides financing infra projects,
the bank could be used to acquire
shares in an airline company, which
will be a big help for the diaspora in
the Middle East. It could also help in
fostering tech and internet-based
startup ecosystem.
The manifesto will recommend
awardingRs1lakheachto1,000good
business ideas and up to Rs 1 crore
for successful projects.
Manifesto To Be Released Tomorrow, Plans To Spur Startups & Revitalize Infra
LDF plans ‘big bank’ reform
GOING TECH-SAVVY: V S Achuthanandan at the inauguration of his Facebook
and Twitter accounts as well as his website in Palakkad on Sunday
UDF is talking about large pro-
jects such as SmartCity, Kochi
Metro, Kannur airport & Vizhin-
jam port. This is giving them mo-
mentum. How will the Left face
this talk of development?
They have left Kerala in a finan-
cial mess. The state is on the path
of fiscal anarchy and the revenue
deficit is at a record high. The plan
for the current year has been re-
ducedby50%,lastyear’sreduction
was 40%. This was in the CAG re-
port. What kind of development
can a government claim when it
fails to support five-year plans?
The government has not spent
money on any of the big projects
that are executed by special pur-
pose vehicles that borrow outside
the budget. None of them were
started by the UDF government.
Kochi Metro, mooted by the
LFD, is not fully over. We had ac-
quiredthelandforKannurairport.
They haven’t completed the run-
way and the buildings, but have
landed a small aircraft to inaugu-
rate it. Similarly, one building has
been constructed for SmartCity.
They got Adani for ridiculous
termsatVizhinjam.Wehaveraised
our criticism but we won’t reverse
the project.
Oommen Chandy government is
also credited with a string of
welfare measures, which is
usually your domain. Has it tak-
en the wind away from your sail?
Theyhaveincreasedtheexpend-
iture even as revenue growth has
halvedto10%from20%duringour
regime. Last year, Chandy had dis-
tributed nearly Rs 500 crore as
grant. There are five health semi-
insurance systems that can be
made into a comprehensive health
insurancesystem.Buttheytookthe
grantsroutebecausetheycanhave
patronage, which is like the Jay-
alalithaamodel.Thepopulistmeas-
ureswillattractpeople,butcannot
be sustained in future.
Talukshavenoroleafterdecen-
tralization, but they have created
15 taluks in Kerala. Also, you have
Kerala University where seven de-
partments are run by one-member
faculty each. Six-faculty depart-
ment is a decent norm. Of the 40
departments, 30 do not have this
figure. It is reckless spending.
How does the Left
view the new startup activity
espoused by the UDF?
We will support the youth.
Pinarayi Vijayan is modern and
understanding. You need to have a
mindset, without giving to radical-
ism.Youhavetoacceptthefactthat
you could bring in a new technol-
ogy that could grow faster. Only a
Leftagendathatcombinesbothwill
survive. The new agenda is more
equitable capitalism. A capitalist
system that acknowledges the
workers’ rights, respects environ-
mental laws and accepts social jus-
ticenorms.Nobodythinksof build-
ing socialism anymore.
But LDF has not resolved the
issue of chief ministership yet....
Let the politburo decide after
the polls. Factionalism was a big
headache during the past decade
and it affected discipline and ethi-
calnorms.Now,thepartyisunited.
BothPinarayiandVSAchuthanan-
danarecontesting.Disunityisseen
within the Congress.
What is the nature of industrial
expansion and job creation push
in your manifesto?
Kerala’s only mineral wealth is
rare sands that are exported as a
semi-processed raw material or ti-
tanium dioxide dust. We want to
move up the value chain to titani-
um metal and that will be a major
investment through foreign col-
laboration.
Our next major project will be
electronic hardware. Kerala’s core
competencyislightengineering.So
thegovernmentwillbeinvestingin
a new company and a liberal elec-
tronicparktoattractprivateinvest-
ment. Third idea is doubling the
capacityof ITparkstotwocroresq
ftandatwo-foldincreaseinforeign
arrivalsonthetourismfront.These
measures will guarantee employ-
mentfor50lakhaspirants,of which
10lakhwillbefromhigh-techareas.
Many observers say the election
to the 14th assembly is an ex-
tremely close one. How do you
rate your chances?
All the five opinion surveys give
us a 2-3% margin. All but one, had
predicted over 80 seats for the Left.
Only one had put it at 74 with a 3%
vote advantage. A 3% vote advan-
tageisahugefigure.Itcouldtrans-
lateinto100seats.Allsurveyswere
conducted before mid-March, so
some people say that the scene has
changed. So far, its advantage LDF.
Left moves into equitable
capitalism mode
CPM central committee member and former finance
minister T M Thomas Isaac is busy giving final touches to
the LDF manifesto, while also campaigning in Alappuzha.
Confident of an LDF win in the assembly election, Isaac
debunks the development claims of chief minister Oommen
Chandy. He believes that job creation, industry priorities
and ‘an understanding’ Pinarayi Vijayan will pave the
way for a new Left agenda. It appears that the LDF is
following the path once taken by ‘New Labour’ under
former British prime minister Tony Blair. Excerpts from an
interview with Shenoy Karun & Boby Kurian
➤ Proposal to set up Kerala Bank
by merging 14 district and state
cooperative banks
➤ `40,000-cr road development
plan to include conversion of all
state and district roads to double
lanes and national highways into
four lanes
➤ Also on the cards is a railway
line that helps one travel from
one end of the state to the other
in 5hrs
➤ Solar panel plant in
Alappuzha to be geared to meet
2,000MW power generation
in 10 years
PITCHING FOR A NEW LEFT
Jipson Sikhera
TOI