Kerala annual budget: New IT park proposed in Kannur, 4 IT corridors

Looking to tap the potential of the information technology sector in the post-COVID era, Kerala Finance Minister K N Balagopal on Friday proposed to set up a new IT park, four IT corridors and 20 satellite IT hubs in the southern state while presenting the Budget for 2022-23.

The new IT park would be set up in Kannur district and the international airport there is expected to accelerate the growth of the sector in the northern district, he said.

The proposed IT Corridors would be set up parallel to the National Highway-66, which is being expanded to four lanes, and they would begin from the existing IT parks including Technopark, the pioneer IT hub in the state capital here, the minister explained.

A total of Rs 100 crore was set aside through Kerala Infrastructure Investment Board (KIIFB) for the expansion of the IT parks and Rs 1,000 crore earmarked for land acquisition in the sector, Balagopal added.

In the first complete budget of the second Pinarayi Vijayan government, the minister also set aside Rs 2,000 crore to regulate the increasing price hike in the wake of COVID-19 pandemic, the ongoing Russia-Ukraine war and the possible hike in the price of petroleum products.

Besides, Rs 100 crore has been allocated for setting up a medical tech innovation hub in the state capital, Rs 200 crore earmarked for the development of universities, and Rs 300 crore budgeted for skill parks.