The government of Kerala has said it would support reputed firms in private sector to encourage the startup atmosphere in the state. According to the order, the government approved the idea of backing private companies with proven experience in startup industry and tie-ups with national and international agencies to set up incubators across the state.
The move is a major step towards achieving the State IT Policy’s target of creating 10 million sq.ft office space for startups. It also creates about 2.5 lakh direct and indirect employment opportunities in IT sector.
“We have set ambitious goals for our IT sector and this is an important step in realising them. Private sector participation will strengthen both our startup infrastructure and ecosystem and the government is willing to help such partnerships,” said Sivasankar, IT Secretary, Kerala.
The state government will provide internet facilities for the incubators constituted under this scheme for a period of five years and all of the incubatees will be eligible for the promotional schemes of Kerala Startup Mission.
Moreover, the state has adopted Startup India’s definition of startup for its IT Policy. So startups with up to ₹25 crore turnover will receive incentives from the government. Startups that have been merged or acquired are also eligible for these benefits.