Joy Alukkas, Chairman and Managing Director of Joy Alukkas Group, is venturing into the healthcare sector with a new hospital near Thrissur Medical College, Kerala. This marks a significant diversification for the Joyalukkas Group, which has built its reputation in jewellery and real estate.
Kerala’s Changing Investment Climate
Speaking exclusively in an interview with Nisha Krishnan from Channeliam at the Invest Kerala Global Investor Summit in Kochi, Joy Alukkas highlighted the remarkable transformation in Kerala’s business environment. He noted that the state now offers a more stable and welcoming climate for investors, with fewer obstacles such as strikes and shutdowns. He believes that initiatives like Invest Kerala will play a crucial role in boosting the state’s economy.
Favorable Conditions for Investment
According to Joy Alukkas, Kerala has significantly improved its investment environment, making it easier for businesses to operate and grow. Previously, investors often looked outside Kerala due to operational challenges, but now, with reduced disruptions, they can confidently expand within the state.
Overcoming Past Hurdles
Sharing his experience of doing business in Kerala, Joy Alukkas recalled that earlier challenges were more societal than political. He mentioned how his attempt to establish a palliative care center was blocked due to local resistance. Such hurdles, he noted, had discouraged many investors in the past.
Growth Beyond Kerala
Despite these challenges, Joy Alukkas successfully expanded his brand outside Kerala. Today, Joyalukkas Jewellery operates 120 showrooms across India, but only 10 are in Kerala. Moving outside the state was a practical decision at the time, yet he remains committed to strengthening his presence in Kerala.
Focus on Key Sectors
The Joy Alukkas Group is now expanding beyond jewellery, with a strong focus on healthcare and real estate. He pointed out that past investment hurdles in Kerala were often linked to public perception rather than political issues.
A Positive Shift in Mindset
Joy Alukkas highlighted the noticeable shift in people’s attitudes toward business and investment in Kerala. He believes this changing mindset is paving the way for a more business-friendly state, encouraging more entrepreneurs to invest.
A Brighter Future for Kerala’s Economy
Despite past hurdles, Joy Alukkas remains optimistic about Kerala’s business potential. He emphasized that the state has a highly educated workforce and an increasing openness to investment. With the right policies and approach, more entrepreneurs can thrive in Kerala, making it a key hub for future growth.
