Kerala Budget 2018 gives impetus for innovation and startups


Trivandrum: The budget for 2018-19 presented in the Kerala Niyamasabha today by Finance Minister, Dr. T M Thomas Isaac gave an impetus for innovation and start-ups in the State. Some excerpts from his budget speech:

Kerala Innovation Extension Project will be implemented for the encouragement of novel technologies. The momentum of tomorrow’s world is going to be determined by new generation start-ups. Hence, Rs.80 crore is sanctioned for Kerala Startup Mission. KFC will invest in the share of those companies recommended by the startup mission with the guarantee of the Government. The IT mission will take steps to ensure the help of the accelerators to transform Startups being hatched in the incubator into competent companies.

The aim of the newly formed Kerala Development and Innovation Council (KDIC) is to impart horizon knowledge in the fields of science and technology, agriculture and finance into governance and manufacturing sectors. A new scheme named ‘Young Innovators Programme’ (YIP) will be formulated for finding talented innovators. An amount of Rs.20 crore is additionally earmarked for the activities of the council.

An amount of Rs.65 crore is allocated in the budget to increase the number of students in IIITMK to 1,000 and also to upgrade its status as a deemed University, recognised by UGC. An amount of Rs. 25 crore is earmarked to ‘Skill Delivery Platform Kerala’ for providing skill training to 50,000 students of Engineering Colleges in Kerala by linking the colleges with IT-Parks through ‘Tele Presence Network’. An amount of Rs. 5 crore is earmarked for Free Software Centre. An amount of Rs. 25 crore is set apart for IIIT-K Pala.

The major allocation in IT sector is for IT Parks. An amount of Rs. 84 crore is earmarked for Technopark & Technocity, Trivandrum and the Technopark at Kollam. An amount of Rs. 67 crore is earmarked for Infoparks and Rs. 30 crore for Cyberpark.

The government have envisaged ‘Electronics and Hardware Mission’ with a view to secure a forefront position in the field of Electronic Design and Embedded Software in India. An amount of Rs. 30 crore is earmarked as seed money for the mission. A joint venture will be started by Intel and Keltron to manufacture laptops and servers. For this an amount of Rs. 40 crore is earmarked. The construction of Hardware Park in 100 acres at Amballoor is in progress.

Kerala State IT Mission is the nodal agency of the Government in e-governance sector. An amount of Rs.147 crore is earmarked for various e-governance projects. The K-phone Company is expected to bring revolutionary changes in e-governance and also infusing IT into the day to day life of the people. An amount of Rs.823 crore rupees has already been allotted to the company from KIIFB. Rs. 28 crore is earmarked for the installation of Wi-Fi in 2,000 public centres.

Kerala Biz News


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