Kerala Budget: ₹2,000 crore to address price rise,₹80 crore to eradicate extreme poverty

In the Left government’s budget for the fiscal 2023-24, presented by Kerala finance minister K N Balagopal on Friday (February 3), ₹100 crore has been allocated for welfare programmes, while ₹2,000 crore has been set aside for tackling price rise. Further, the FM announced a slew of initiatives for the infrastructure and higher education sector.

Beginning the budget speech on a positive note, the minister said the southern state has bravely overcome COVID challenges and finally returned to the path of growth and prosperity.

Though the state’s economy is facing challenges due to the financial policies of the Centre and its decision to impose cuts on its borrowing limit, Kerala is not in a debt trap, he said.
Assuring that the financial constraints would not impact the welfare and social security schemes of the government, Balagopal said ₹100 crore would be set aside for welfare development programmes in the budget.

Also read: Kerala economy on recovery track; GSDP 12% in 2022: Economic Review

“A total of ₹2,000 crore will be allocated for tackling price rise in the state,” he said.

The FM said common people would not be ignored while announcing big projects and ₹80 crore would be allocated for alleviating extreme poverty in the southern state. A total of  ₹600 crore would be set aside for rubber subsidy in the state budget, he said, adding that a separate Research and Development budget would be presented to give more focus in the R&D sector.

An extensive industrial and commercial centre will be developed in the area around the under-construction Vizhinjam port, he said. More focus would be given to the “Make in Kerala” project to increase the ‘ domestic production and give a boost to employment and investment opportunities, the minister added.