What is Lakshadweep Industrial Development corporation(LIDC)?

Lakshadweep Industrial Development Corporation (LIDC) is a statutory corporation established under the Lakshadweep Islands Region Legislative Assembly Act. This government-owned and controlled corporation finances promotes and assists industries in the region.

This organization was founded with the express purpose of promoting and advancing industrial development in Lakshadweep. In recent years, they have played an important role in developing the tourism sector in Lakshadweep by spearheading several initiatives such as the establishment of a special economic zone and the promotion of sea-based tourism. Their ultimate goal is to make Lakshadweep one of the leading industrial hubs in India. So if you are looking for assistance with your business ventures or want to know more about developmental projects being undertaken in Lakshadweep, then you should definitely read on!

LIDC is accountable to the legislature for its actions. One of LIDC’s major functions is to provide financial assistance to businesses in the region. It does this through a number of schemes, such as special development packages and business credit facilities. In addition to providing financial assistance, LIDC also conducts research and develops policies that will help promote industries in the region. It also provides training and consultancy services to businesses in the region.

Lakshadweep, the group of 36 islands is known for its exotic and sun-kissed beaches and lush green landscape. The name Lakshadweep in Malayalam and Sanskrit means ‘a hundred thousand islands.

Objectives of Lakshadweep Industrial Development Corporation (LIDC)

Lakshadweep Industrial Development Corporation (LIDC) is an autonomous body established under the provisions of the Lakshadweep Islands (Development and Regulation of industrial Establishments) Act, 1978. The Corporation has been entrusted with the responsibility for the development in all industrial sectors in Lakshadweep. LIDC is also mandated to promote exports from Lakshadweep and to provide the necessary support to industries located in the islands.

The objectives of LIDC are:

1. To promote economic growth and progress by providing necessary support to industries located in Lakshadweep;
2. To promote exports from Lakshadweep through encouragement and facilitation;
3. To undertake developmental projects that will benefit the people of Lakshadweep.;

Functions of LIDC

LIDC is responsible for the promotion and development of the industrial and economic sectors in Lakshadweep. It has the mandate to nurture, promote and develop industrial estates in the Union Territory. LIDC also has the responsibility to identify new investment prospects in the Industrial Sector. Additionally, it provides requisite infrastructure support to safeguard industrial investments.

List of Projects Completed by LIDC

Lakshadweep Industrial Development Corporation (LIDC) is a public sector undertaking. It was established with the objective to foster industrial development in Lakshadweep. If you are looking for help in developing or expanding your business in Lakshadweep, contact LIDCO for more information. The Corporation has so far completed over seventy projects worth Rs. 2,000 crores.

The abundance of Lakshadweep Islands has provided India with 20,000 sq. km. of territorial waters and 400,000 sq. km. of Economic Zone Exclusive (EEZ). There are valuable fisheries and mineral resources in the lagoons, and the EEZ around the Lakshadweep Islands are of enormous economic significance. Some of the major projects include:

1) In Lakshadweep, the estimated potential of marine fishery resources is about one lakh tonnes of tuna.
2) Advancement of tourism infrastructure.
3) Construction of a bridge connecting the Kavaratti and Ambalapuzha districts.
4) Construction of a new port at Parikali.
5) Establishment of a fisheries training institute at Aroor.
6) Improvement and promotion of local fruit production.
7) Development of renewable energy resources.