THIRUVANANTHAPURAM: The state budget presented by Finance Minister K N Balagopal on Monday has proposed a slew of growth-oriented measures that will further strengthen the state’s IT sector and startup ecosystem.
Considerable funds have been earmarked for the IT industry, industrial parks, and the development of key IT infrastructure such as Technopark, Infopark, and Cyber Park.
The government has also given special consideration to the work near home policy and formulated a policy to attract new entrepreneurs in the fields of digital entertainment, including animation, visual effects, gaming, and comics. It will also provide assistance to entrepreneurs in this sector.
“Apart from allocations to the Kerala Startup Mission (KSUM) and its projects, the measures proposed by Finance Minister K N Balagopal for the development of Kerala’s digital ecosystem will have a positive impact on the startup domain,” said KSUM business head Ashok Kurian Panjikkaran.
“The proposal to convene an international AI conclave in July promises a lot of exposure to startups in this cutting-edge domain. The startups will also benefit from the proposal to hold a round table to prepare an action plan to make Kerala a robotic hub. Similarly, the proposal to provide assistance to entrepreneurs in digital entertainment, including animation, visual effects, gaming, and comics, will open up a vast arena before the fledgling tech firms,” he said.
Acsia Technologies Private Limited CEO and founder Jijimon Chandran said an investment of Rs 507 crore in the IT industry will be a significant opportunity to stimulate job growth domestically.
“A flourishing IT industry can contribute significantly to foreign investment and drive productivity gains across various sectors. One of the notable prospects in the budget is the government’s nurturing and supportive attitude towards the startup ecosystem in Kerala. The additional funding from the Fund of Funds for Kerala’s startups will undoubtedly provide a significant boost to early-stage ventures, facilitating their journey from ideation to commercialisation,” he said.
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IT sector (total): Rs 507.14 cr
kerala Space ParRs : Rs 52.50 cr (including NABARD loan)
KSUM: Rs 90.52 cr
Youth entrepreneurship development projects: Rs 70.52 cr
Technology Innovation Zone at KINFRA Hi-Tech Park , kalamassery: Rs 20 cr
Fund of Funds scheme: Rs 20 cr
LEAP Centres expansion: Rs 10 cr
Technopark : Rs 27.47 cr
Infopark : Rs 26.70 cr
Cyber Park : Rs 12.80 cr
Kerala State Information Technology Infrastructure Limited: Rs 119.91 cr