The budget presented in the Assembly on Friday seeks to promote the manufacture of electronics hardware and medical devices as a sunrise sector for the State and create an innovation ecosystem.
A joint venture between Keltron and Intel to manufacture laptops and servers and another enterprise involving the KSIDC and the Sri Chitra Tirunal Institute for Medical Sciences and Technology for the manufacture of modern medical equipment are among the priority projects outlined by Finance Minister T.M. Thomas Isaac in his budget presentation.
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Yes to start-ups
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Underlining the need for Kerala to make the transition to a knowledge-based economy, the budget seeks to promote start-ups by establishing technology incubators and accelerators.
The budget has allocated ₹40 crore for the project to manufacture laptops and servers under the Keltron-Intel tie-up, the first initiative to be taken up by the Electronics and Hardware Mission. An amount of ₹30 crore is set apart as seed money for the mission.
The Meds Park project for the manufacture of medical equipment under the KSIDC-SCTIMST joint venture gets ₹25 crore.
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The budget has sanctioned ₹80 crore for the Technopark Technology Incubator under the Kerala StartUp Mission. While the Kerala Financial Corporation would invest in the share of companies recommended by KSUM with the guarantee of the government, the IT Mission would utilise accelerators to transform start-ups into competent companies.
Young innovators
The budget moots a new scheme named Young Innovators Programme under the auspices of the Kerala Development and Innovation Council.
Dr. Isaac has allocated ₹65 crore to increase the student intake at the Indian Institute for Information Technology and Management-Kerala (IIITM-K) in Thiruvananthapuram and elevate it to the status of a deemed university.