TRIVANDRUM: The two-day World Kerala Assembly, a reformatted annual meet of the diaspora, opened here on Friday inviting them to help develop infrastructure that the state lacks the most.

“We already have a system that allows the diaspora to invest in the basic infrastructure projects by protecting their interests,” said Chief Minister Pinarayi Vijayan inaugurating its first session in the banquet hall of the state’s legislative assembly.

“Instruments like Kifbi (Kerala Infrastructure Investment Fund Board) opens up an opportunity for them. The World Kerala Assembly should now formulate a mechanism like crowdfunding to attract investments ensuring decent returns.” The cash-strapped state that spends heavily on exchequer draining public sector entities, paying salaries and pensions to keep a notoriously inefficient bureaucracy in good humour and debt-servicing has lately been scouting for diaspora funding without much success. The much-trumpeted Pravasi Chitty, a kind of savings scheme practised in India, targeting the diaspora remains a non-starter, and the state is facing an unprecedented development stagnation, except for the federally funded ones.

The state had projected to generate Rs120 billion through the chits last year and Rs500 billion in five years to fund its infrastructure, especially roads which are in terrible shape for want of money.

The chief minister appealed the expats to help the state to shore up its prestigious projects like the revival of waterbodies, rubbish disposal, modernisation of educational institutions, improving the efficiency of healthcare delivery and housing and sustenance.

“I have great pleasure in informing you that we are going ahead with proceedings to ensure ease of doing business for the diaspora,” he said, in the presence of Gulf-based billionaires like Yusuffali MA, Ravi Pillai, Dr Azad Moopen and CK Menon.

“We are preparing a single-window system for licences. The new reform is that if the concerned officials do not take a decision (on applications for licences), it would be considered as approval.” The government organised the event resembling a legislature session with Speaker P Ramakrishnan leading the presidium and Vijayan acting as the leader of the house and Opposition leader Ramesh Chennithala as his deputy.

There were 351 members, including 141 legislators, parliament members from the state and some 130 selected representatives of Kerala-based organisations from within and outside the country occupying either side.