Long-term target budget; Private investment of Rs 3 lakh crore expected; Kerala budget in brief

Monday 05 February, 2024 | 10:57 PM READ MALAYALAM VERSION

THIRUVANANTHAPURAM: The budget presented by Finance Minister KN Balagopal with the aim of long-term development of the state announced that private investment of Rs 3 lakh crore is expected. Vizhinjam port will be its focal point. Industrial chain will be built as an adjunct to the Cochin Shipyard. Revenue and industry laws will be changed to make this possible. The budget is aimed at harnessing the wealth of the private sector for the development of the state. The minister pointed out that China, which faced severe economic recession in the 70s, became a developed country through this means. The minister said that the 1957 EMS government also took similar measures.

A mechanism will be introduced to accept donations from private individuals for the development of government hospitals and educational institutions.

The central government's economic embargo-like measures were condemned in the budget. In the budget speech, KN Balagopal also pointed out that Kerala has a plan B if the Center does not relent. The budget was presented without any new revenue streams.

The first instalment of six instalments due to government employees will be paid in April. At the same time, the budget is silent on the welfare pension of the poor which is due for six months. 5,000 crore is needed for welfare pension and 26,000 crore for employee benefits. It was not mentioned in the budget.

The participatory pension scheme of government employees will be revised but the government will not go back to statutory pension as before.

The electricity tax collected by the government from KSEB will increase. This will increase the electricity rate. The fair value of the land will be revised. Land tax will be collected from the flat owners as well.

Fees charged in connection with court proceedings will increase. An additional income of 1067 crores is expected in this way.

The fuel cess implemented last year will continue even if the expected revenue is not met. Taxes on tourist buses will be reduced. This is due to the loss of revenue due to the registration of buses in other states. There will also be a loss of 1420 crores through various concessions.

The budget presented for the year 2024-25 includes a total revenue of Rs 139798.37 crore, expenditure of Rs 184327.33 crore and borrowing of Rs 44528.96 crore. There is a contradiction that central permission cannot be obtained to take such a loan. Govt is also not ready to take up new projects through KIIFB.

This is Minister Balagopal's fourth budget. From the 12th, the three budget speeches will be discussed and the vote-one account will be passed. The full budget will be passed in the next session.

Anti-recession package: 10000 crores

Climatic agriculture: 2365 crores

Power Development: 1150 crores

Navakerala Sadas Development Project: 1000 crores

Road development: 1000 crores

For Rebuild Kerala: 1000 crores

For Karunya: 678 crores

Lunch, eggs and milk: 382 crores

For the development of Kuttanad, Kasaragod, Wayanad and Idukki: 252 crores

Digital University: 250 crores

Kochi Metro Phase II: 239 crores

Rural Employment Guarantee: 230 crores