FM Balagopal boosts the rubber support price and gives the agriculture sector Rs 1698 cr. Kerala Finance Minister K.N. Balagopal unveiled the state’s budget to the assembly on Monday for the fiscal year 2024-25. He increased the minimum support price for the rubber from Rs 170 to Rs 180 and allocated Rs 1698.30 crore for the beleaguered agriculture sector. Additionally, he announced Rs 134.42 crore for the cooperative sector and set aside Rs. 50 crores for the eradication of extreme poverty.
Presenting the fourth budget of the current Pinarayi Vijayan administration, Balagopal stated that the LDF government would not make any concessions on the development front, even though the state is supposedly experiencing a financial crunch and the Center is allegedly imposing financial restrictions.
The finance minister announced that Rs three lakh crore in investment would be made to the southern state in the years to come, indicating that the state government would move forward with its development plans. He declared that investment in the tourism sector would attract Rs 5000 crore, while Rs 1698 crore would be allocated for the traditional agriculture sector. The travel and tourism industry are expanding, putting aside Rs 351 crore for it in the 2024-2025 budget, he stated.
Balagopal declared a Rs 10 increase in its support price in response to growing demand from rubber farmers. According to him, the minimum support price in response to growing demand from rubber farmers. According to him the minimum support price for rubber has been raised from Rs 170 to Rs 180. The minister announced Rs 250 crore for the Digital University, a further commitment to support the higher education sector.
Balagopal stated that the state’s future development requires a high-speed rail system in addition to double tracks and straightened lines. The state will keep working to make the K-Rail project a reality. He said that talks in this regard are ongoing with the Central government. The minister also attributed Kerala’s financial woes to the Center’s economic policies and purported disregard for the southern state.
The Kerala Budget for the 2024-25 fiscal year and the Vote on Account will be presented by Finance Minister K.N. Balagopal to the State Legislative Assembly today at 9 a.m. Increased taxes on vehicles, electricity and stamp duties will all have contributed to increased revenue. The property tax and minor mineral royalty will be adjusted in order to increase revenue.
Social Security Cess: Alcohol. Gasoline, and diesel will be subjected to a two rupee per litre cess. From this cess, an estimated Rs 1150 crore in revenue will be generated. The Social Security Seed Fund will receive the proceeds.
Make in Kerala: To increase manufacturing in the state, the Make in Kerala project will be introduced. For 2023-2024, Rs 100 crore has been set aside for this project.
Energy: To harness renewable energy sources, a new energy park will be established. Thiruvanthpuram and Kochi green hydrogen establishment will receive assistance.
Nava Kerala Nagara Nayam: To create a new urbanization policy, a commission is going to be established.
Inflation Control: In order to combat inflation in 2023-2024, Rs 2000 crore has been set aside for interventions.
