Kerala Finance Minister KN Balagopal on 3 February presented the state Budget for fiscal 2023-24 in the State Assembly and allocated ₹1,000 crore for 'Make in Kerala'.
Under 'Make in Kerala', the minister said that facilities and infrastructure will be developed to increase domestic production, as well as employment, entrepreneur, investment opportunities in Kerala.
He further informed that a detailed study on Make in Kerala was conducted by the Centre for Development Studies.
According to the report, Kerala imported products worth around ₹1,28,000 crore in 2021-2022, of which 92 per cent was from other states.
During 2021-2022, Kerala's exports were worth ₹74,000 crores and 70 per cent was to other states. the data suggests a very high trade deficit, thereby necessitating 'Make in Kerala', he added.
Analysing productivity, expenditure towards wages and profit, measures were being taken to identify products that could be produced in Kerala and support them, the minister added.
Under the scheme, the state provided to Agritech startups that produce value-added products and the assistance, including interest subvention for identifying capital for enterprises, will be provided.
