Startup Village welcomes Kerala's biggest budgetary allocation to boost entrepreneurship


Kochi, Feb 12: Startup Village Chairman Sanjay Vijayakumar has welcomed the Kerala government’s allocation of more than Rs 200 crore in the 2016-17 Budget for various schemes aimed at strengthening the startup ecosystem, saying it is the biggest amount set aside to promote youth entrepreneurship in the state’s history.

 

The fact that it exceeds the combined allocation to Kerala's flagship IT Parks -- Technopark (Rs 76 crore), Infopark (Rs 62 crore) and Cyber Park (Rs 26 crore) -- is an indicator of how much value the growing wave of entrepreneurship has added to Kerala's society and economy; and also the potential of young people here, he said.

 

“The state government has sent across a strong message that it supports young people’s aspirations to move from a culture of job seeking to that of job creation and innovation,” said Mr Vijayakumar. “We are ready to move from a fear-based risk averse society to a risk-taking, innovation-driven society.”

 

The state budget, presented by Chief Minister Oommen Chandy in the Assembly today, has increased the share of the Kerala Startup Mission by 50% from Rs 40 crore last year to Rs 60 crore; and the seedfund for start-ups has been doubled from Rs 6 crore to Rs 12 crore.

The Performance Linked Incentive Scheme for startups has seen an increase of over 100% from Rs 12 crore to Rs 25 crore. The Entrepreneurship Support Scheme has been allocated Rs 45 crore, the same as the previous year, and the Self Employment Scheme for socially marginalised women has been granted Rs 16 crore.

 

The allocation for startup programmes such as Raspberry Pi and Startup Box etc has increased by 33% from Rs 30 crore last year to Rs 40 crore this time.

The government has additionally introduced a new scheme for Women Entrepreneurship with Rs 8 crore for common infrastructure and Rs 5 crore for finance options.

The total corpus for development of start-ups rises further when taking into account allocations for other schemes that also promote innovation and entrepreneurship.

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