Kerala Emerges as a Leading State for Startups: CM Vijayan

Thiruvananthapuram, March 29 (NationPress) Kerala Chief Minister Pinarayi Vijayan emphasized the state's significant advancements in cultivating startups, announcing that approximately 6,200 startups have been established over the past nine years, securing investments of Rs 5,800 crore and creating 60,000 job opportunities.

“Today, Kerala stands out as one of the most startup-friendly states in India. It achieved remarkable success in the Startup Ranking 2022 and claimed the top spot in Asia for the Affordable Talent Ranking, according to the Global Startup Ecosystem Report. From 2021 to 2023, our startup ecosystem witnessed an impressive 254 percent growth, surpassing the global average of 46 percent. This achievement is attributed to the government's proactive approach in this sector,” Vijayan stated.

He shared these insights while inaugurating ‘Permute 2025,’ one of India’s largest skills festivals, organized by GTECH MuLearn to position Kerala as the nation’s talent capital for the knowledge sector.

“The industry-oriented digital platform MuLearn, which offers students complimentary access to industry mentors, can greatly aid Kerala’s development as a talent hub in partnership with the state government,” Vijayan remarked.

He pointed out that MuLearn, an initiative by the Group of Technology Companies (GTECH), represents a vital step forward, with its innovative concepts set for execution through ongoing discussions.

GTECH, composed of over 250 companies and employing more than 80 percent of the state's tech professionals, plays a pivotal role in promoting innovation. Vijayan also unveiled plans to establish a deeptech ecosystem in Kerala to further enhance its startup framework.

GTECH Chairman V.K. Mathews, during the event, highlighted the significance of ‘Permute 2025’ in ensuring a strong talent pool for the accelerated expansion of IT and IT-enabled services (ITeS) within the state.

He also emphasized MuLearn’s role in connecting industry with academia.

“Last year, the global technology sector surged to $5.2 trillion and is expected to grow by 10 percent this year, reaching $5.9 trillion. India’s IT industry is projected to rise to $282 billion this year, with expectations to reach $300 billion next year,” Mathews noted.

Nonetheless, he cautioned that increasing deglobalisation trends and uncertainties related to artificial intelligence (AI) present considerable challenges.

“According to a McKinsey report, the productivity effect of Generative AI will contribute to four percent of the global GDP, primarily impacting sectors such as customer interaction, sales and marketing, R&D, and software engineering,” he added.