Trivandrum: The Kerala Budget for the financial year 2017-18 presented by the Finance Minister, Dr. T M Thomas Isaac today in the Niyamasabha, has termed IT, Tourism and MSMEs as new areas of growth.
Excerpts from the Budget speech:
The engines of future economic growth of Kerala are IT, Tourism and appropriate medium and large scale industries. Considering the permanent importance of these three areas, an amount of Rs. 1,375 crore is earmarked. The increase is 27% over the estimate of 2016-17. State income data indicates that in the recent period, there is an awakening in the modern production sector. This higher allocation will strengthen the upward trend.
The total outlay for IT sector is Rs. 549 crore. The major thrust is on the construction of IT Parks. An amount of Rs.84 crore for Technopark, Rs.67 crore for Infopark, Rs.25 crore for Cyberpark, Rs.55 crore for IT Parks at Kozhikkode, Kannur, Kasaragode and Koratty and also for Techno Lodges are earmarked. By the year 2020, one lakh IT jobs will be created in Infopark and 75,000 IT jobs in Technopark.
In the recent times we have been giving more attention to new and innovative investments. An amount of Rs.10 crore is earmarked for Technology Innovation Centre. An amount of Rs. 70 crore is set apart for Youth Entrepreneurship Development Programme, which is a bouquet of several new and innovative schemes such as start-up box campaign, start-up boot camps, partner network, start-up i3, entrepreneurship visit program, fab-lab program, innovation fund, seed fund etc. KSIDC and KFC will extend financial support for 1500 start-ups.
An amount of Rs.100 crore is earmarked for Kerala State IT Mission which is the nodal agency of Government for service delivery intervention in IT sector. An amount of Rs. 52 crore for Indian Institute of Information Technology and Management, Rs.22.5 crore for IITK, Pala and Rs.5 crore each for International Centre for Free and Open Source Software and for C-DIT are earmarked.
Comprehensive interventions will be initiated to uplift the State of Kerala as an IT hardware manufacturing hub. As part of this, it is intended to establish 12 parks. Japanese-Korean industrial cluster will be established in Mavoor. To co-ordinate all of these, a hardware mission will be set up for which an amount of Rs. 1 crore is earmarked.
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