As a step to encourage young entrepreneurs of the state, the Kerala government has decided to set aside 1% of its annual budget allocation for the Student Entrepreneurship Programme.
1% of what has been allotted to each department will be set aside, which would amount to Rs 500 crore approximately, Chief Minister Oommen Chandy said.
The decision has been taken following the interaction with five students who were sent to Silicon Valley from Kerala, he told reporters.
The students had the chance to visit many companies and meet CEOs. Government gives priority not just for the IT sector but also for traditional sectors.
Six students who are ready to start new ventures in the traditional handloom sector were also invited for the interaction, which took place as part of today's Cabinet meeting, he said.
Chandy said that total support and encouragement would be given by the government for the Student Entrepreneurship Programme. Already 1000 business ideas have been received, the Chief Minister said.