Kerala Chief Minister Oommen Chandy on Thursday said that the government will earmark about Rs 500 cr as budgetary assistance to entrepreneurs for their ventures.
The Chief Minister who addressed college students on a Google hangout said that 1% of the state’s total budget expense will be set aside to extend financial support to young entrepreneurs.
The government will also come up with a clear cut policy on this, Chandy said. He added that the focus areas will be extended to other areas such as agriculture, health, tourism and culture besides IT & Telecom.
Earlier, Kerala government had announced a student entrepreneurship policy under which 20% grace attendance and 4% grace marks would be given to students who start a venture. Kerala celebrated September 12 as entrepreneurship day.
Kerala also runs a telecom incubator called the Startup Village which was setup in April 2012 as a public private partnership between Department of Science and Technology, Government of India; Technopark, Trivandrum and technology firm MobME Wireless.