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Startups a vital component of Kerala economy, says Finance Minister
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SME Times News Bureau | 26 Apr, 2022
Kerala Finance Minister K.N. Balagopal on Tuesday said startups have a
major role in strengthening the state's economy as leveraging their
innovative ideas can lead to remarkable growth in various sectors.
In his address after inaugurating the ABusiness to Government
(B2G) summit, organised by Kerala Startup Mission (KSUM), as a platform
for startups to showcase a wide range of products and services required
by the government departments and the public sector undertakings
(PSUs), he said: "Startups are a vital component of the Kerala economy .
"Startups can also contribute immensely to the growth of all key sectors, including healthcare and animal husbandry."
"The
government is planning to enhance the ceiling on purchase of products
and services from startups. Now, startup products and services of up to
Rs 20 lakh can be directly procured and those costing from Rs 20 lakh to
Rs 1 crore can be procured through a limited tender process. The
government is planning to increase the ceiling of limited tender from Rs
1 crore to Rs 3 crore," Balagopal added.
Citing the economic
turmoil in Sri Lanka, he said the trouble faced by the island nation is a
reminder of the need for developing a strong local economy since a
reverse trend of globalisation is happening currently.
He pointed
out that startups must learn to grow beyond their initial run of
success and the government is duty bound to help startups coming up with
innovative ideas. About Rs 97 crore has been set apart in the budget
for startups apart from the Rs 250 crore as Venture Capital fund, he
said.
KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.
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