A scheme to foster around 1500 startups which encourages entrepreneurship among the youth has been initiated. Rs. 150 crore has been set aside for startups. Efforts are also being made to attract big IT firms to set shop in Kerala. It has been decided to increase 1 Crore square feet to the built area of our existing IT parks. All IT parks, big and small, will be developed.
We are also striving to make our public sector institutions profitable. Apart from this efforts are also being made to save the Central Public Sector Units in Kerala which are facing threats of closure owing to negligence. The state government has already proceeded with the renovation so as to enable the reopening of FACT’s Urea plant which was shut down. The new plant is expected to cost 4600 Crore. Production of 12 lakh metric tons is aimed at. Only 230 lakh metric tons of the annually required 310 lakh metric tons is produced domestically. Most of it is acquired from big corporates. Strengthening of public sector in the Urea industry will enable the Government to have a say in the prices of fertilizers.
The government has taken over the Palakkad unit of the Instrumentation Limited which was recently decided to be shut down by the Central Government, thus saving it from closure. Likewise the Kochi unit of the Hindustan Organic Chemicals will also be protected by the state government. Thousands of people will be newly employed through such rescue measures.