Kerala Budget 2023 aims progress in entrepreneurial sector

R Roshan

KN Balagopal | Photo: Mathrubhumi

Kochi: The expansion of the ‘Make in Kerala’ project will be a boost to the progress made in the entrepreneurial sector in the past few months. The government has earmarked Rs 100 crore for ‘Make in Kerala’ project in the state budget. An additional amount of Rs 1,000 crore will be provided during the plan period. The aim is to identify the manufacturing sectors where Kerala has prospects and to encourage them.

According to a report by the Centre for Development Studies, Kerala imported products worth around Rs 1.28 lakh crore in 2021-2022 from foreign countries and other states. During this period, the state’s exports were around Rs 74,000 crore.

Through the ‘Make in Kerala’ project, the government is planning to lower the trade deficit by improving local productivity. For this, assistance will be provided, including interest subvention for identifying capital for enterprises.

The ‘Year of Entrepreneurship’ scheme was implemented last year, with an aim to launch 1 lakh new enterprises. Through this scheme, over 1.29 lakh enterprises were launched in just 10 months. This is expected to rise to 1.5 lakh enterprises. The industries department is preparing a scale-up package for thousand enterprises selected from the existing ones in the state for them to grow into companies with a turnover of Rs 1 lakh crore in four years.

Kerala’s position in the investment-friendly ranking has improved within the past one year. The government has earmarked an amount of Rs 770.21 crore for projects to improve the “investment friendly atmosphere” in the state.

The state is also planning to organise a trade fair of “national and international standards” based on the model of the international trade fair organised every year at Pragati Maidan in New Delhi. This will be a platform for businessmen and entrepreneurs of Kerala to showcase their products internationally. A permanent venue will be set up for this at Thiruvananthapuram.

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