Kerala budget: Six major projects for future Kerala

THIRUVANANTHAPURAM: The Finance Minister has introduced six major projects in this year's budget to rescue Kerala from the financial crisis. Rs 1,895 crore for the implementation of these projects.

The key projects are

Vizhinjam-Kollam-Punalur Development Triangle
West Coast Canal Economic Development
Thiruvananthapuram Outer Area Growth Corridor
Global Capability Centers (GCCs)
IT Parks
IT Corridors

Although the government introduced the Plan B strategy last year, it did not succeed. Eventually, the government had to cut down welfare and planning schemes to sustain itself. Without this, even salary disbursements could have been affected. The new policy focuses on generating revenue rather than reducing expenses.

Inspired by global transhipment hubs like Singapore, Rotterdam, and Dubai, Vizhinjam will be developed into a major growth centre. The Vizhinjam-Kollam-Punalur Development Triangle project follows a Public-Private SPV (Special Purpose Vehicle) model, ensuring no land acquisition issues as landowners will be made stakeholders. Rs 1,000 crore has been allocated for this project through KIIFB.

Another major project involves the establishment of hubs and growth centres along the 1,800 km-long West Coast Canal to facilitate cargo movement. A total of Rs 500 crore has been allocated for this initiative. The project involves acquiring land every 25 kilometres along the coastal highway and developing beach promenades, cycling tracks, tourist facilitation amenities, walking paths, EV charging stations, and hydrogen refuelling stations with private investment.

Another development proposal is the Outer Ring Road Area Growth Corridor project, which spans 2.5 km on either side of the 63 km Outer Ring Road connecting Vizhinjam Port with Navaikulam. Global Capability Centers (GCCs) are centres that provide multinational corporations with operational efficiency in a new way. This initiative employs 16 lakh people in the country. Rs 5 crore has been allocated to start GCC parks in Kerala. In addition, Rs 395 crore has been set aside for starting IT parks in Kannur and Kollam. The Finance Minister also indicated in the budget that projects from KIIFB will be turned into profitable ventures.