Kerala announces Rs 500Cr budgetary assistance for entrepreneurs in the state

Kerala chief minister Oommen Chandy has announced that his government will earmark Rs 500 crore as budgetary assistance for young entrepreneurs in the state. Addressing over two million school and college students via a Google+ Hangout, Chandy also mentioned that the fund will be provided to young talents who take up entrepreneurship in sectors like agriculture, tourism, entertainment, IT and telecom sectors. The fund will account for 1 per cent of the state's total budgetary expenditure.

The government is also forming a clear-cut policy document to help budding entrepreneurs translate their dreams into reality. All colleges have been asked to begin entrepreneurship development clubs. Last month, the government had charted out a plan of action to support young entrepreneurs by conducting an online screening programme for students in the VII to XII standards.

In September 2012, the government had also announced a Student Entrepreneurship Policy with an aim to support students taking up entrepreneurship. Under this programme, those working to innovate, create knowledge, wealth and jobs in the society through any Indian government recognised incubators will be given 20 per cent attendance with an additional 4 percent grace marks in academics.