The 'Knowledge Economy' is a new development model for stimulating economic growth in Kerala and enabling sustainable development. Through the recent budget of 2022-23, several programmes and projects have been formulated to reach an economy that creates, uses, and disseminates knowledge to enhance growth and development. Maintaining the best position in the Sustainable Development Index of the Niti Ayog is a good indicator that the state is on the path to equitable growth. Kerala has been implementing various programs and projects through the Knowledge Economy Mission, a large-scale project aimed at employing 20 lakh people over a period of 5 years with the help of digital technology. The budget views higher education as very important. Kerala has already initiated its new steps toward attaining a knowledge society. Four science parks, four IT corridors along the South-North National Highway, 20 micro IT parks, and skill parks in all districts will be set up to stimulate the knowledge economy of young entrepreneurs to start enterprises. Microbusiness units with modern facilities and startups will be set up to ensure skill development, training, and income generation along with the academic activities in the compound of engineering, polytechnic, ITI, and arts and science colleges.

The budget prioritizes the establishment of translational research centres on university campuses. Translational research is the process by which inventions are transformed into practical life. 20 crores are estimated per university and 200 crores are allocated as the total cost. The budget allocates funds for starting new professional courses. The budget also proposes 150 research scholarships as CM's Navakerala post-doctoral scholarships, an additional 1500 new hostel rooms in universities, and 250 international hostel rooms for foreign students. As the quality of higher education rises to international standards, Kerala will become an attractive destination for foreign students. Universities and colleges in the state will create a new world of knowledge environment.

Skill Parks will be set up in all the districts under the leadership of the Knowledge Economy Mission. The required 10-15 acres of land for each park will be made available through KIIFB and 350 crores for District Skill Development Parks will be provided through KIIFB. Half the space in Skill Parks is for leading institutions that have proven expertise. Arts and science colleges, polytechnics, and ITIs will be encouraged to take up skill courses. A budget of 140 crores is set apart for financial assistance to institutions undertaking courses in collaboration with K-Disc. State Budget 2022-23, also proposed that to set up a medical technology innovation park in Thiruvananthapuram. Envisaged as a consortium of all institutions working in the area of medical technology, the innovation park will create a “medical entrepreneurial ecosystem” in Kerala, with an allocation of ₹100 crores for the same through the KIIFB.

Envisaged as a consortium of all institutions working in the area of medical technology, this innovation park will create a “medical entrepreneurial ecosystem” in Kerala and announce an allocation of ₹100 crores for the same through the KIIFB. The innovation park will focus on business incubation, helping start-ups and young innovators develop their business/product. Another new idea being floated is the setting up of a center of excellence for microbiomes. The microbiome is an important key to understanding the inter-relationship among human beings, animals, and the environment and has much relevance against the backdrop of the COVID-19 pandemic.

The Kerala Development and Innovation Strategic Council (K-DISC) has already taken steps to lay the foundation for a strategic program on the microbiome, integrating various research institutes, within a year. A budgetary allocation of ₹5 crores has been made for the project. An amount of ₹50 crores has been earmarked in the Budget for the first phase of the Kerala genomics data center, a five-year ₹500-crore project initiated by the K-DISC. A high-capacity data center capable of storing and processing large genomic data will be set up in collaboration with Kerala University and it will be a crucial platform for research institutes, hospitals, bioinformatics, diagnostic startups, and biotech companies. This will be beneficial for healthcare and the study of critical genetic disorders. The Budget also announced the setting up of a center of excellence in nutraceuticals, which will be an integration of nutrition and pharmaceutical sciences with traditional knowledge and medical practices imparted by aboriginal communities around the world. K-DISC will facilitate a program to integrate research centers, startups, and other institutes in the field. An expert committee will be formed to prepare a blueprint for this nutraceutical project in Kerala. An amount of ₹25 lakh has been provided in the Budget for preparing a detailed project report.

Kerala government has been developing and implementing scientific and creative action plans to make knowledge beneficial to society and thereby ensure socio-economic development.

Last updated on : 2022-04-08 11:08:40