The Group of Technology Companies (GTech), the industry body of information technology companies in Kerala, has welcomed the Budget, calling it progressive and forward looking.
The recommendations not only give a new perspective to the development agenda pursued by the state but also contain specific solutions to several of the issues IT sector has been facing, it said.
“The thrust on developing infrastructure and upgrading the standard of education at school and college levels will lay the foundation for enhanced development in the next five years. The two will be key to the growth of knowledge industries in the state,” said K Nandakumar, Chairman of GTech.
Allotment of ₹60 crore for the Innovation Zone and the new building there will further fuel the innovation ecosystem, he said.
One of the major challenges facing the product start-ups is the sustenance during the period of ideation and building minimum viable products.
The scheme to promote innovative ideas through a funding of ₹2 lakh will ensure that more ideas shape up into products. The collateral-free loan of ₹1 crore for selected ideas will be a huge boost while scaling up.
Revolutionary step According to Vijay Kumar P, Secretary, GTech, the allocation of funds to build close to 20 lakh square feet of space will be a relief for hundreds of companies in dire need of space to expand.
However, a concrete plan to attract large corporates and make Kerala a preferred IT destination is missing. Kumar said that the project to set up tele-presence in all engineering colleges and connect them with IT parks is a revolutionary.
Industry-students link The system will be a crucial link between the industry and student community and will bridge the gap that has existed for long, thus accelerating innovation and entrepreneurship activities based out of colleges.
Anoop Ambika, convenor of the Innovation Group of GTech, said that the industry will plug-in to this initiative and facilitate and mentor student entrepreneurship.
Renjith Ramanujam, CEO, GTech, said that it is heartening to see the budget follow the election manifesto with regard to promoting knowledge industries, and target employment generation and local wealth creation through them.