The Kerala Budget 2024-25, presented in the Assembly on Monday by Finance Minister K N Balagopal, sought to raise additional resources and draw private investment in key sectors.

Presenting the budget, state finance minister Balagopal said the government aims to attract an investment of Rs 3 lakh crore to the state in the next three years.

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“The thrust areas shall be the projects in tourism which can be completed in a in a short span, allied developmental activities in and around Vizhinjam and Cochin Ports, development of industrial corridors of Kochi, Palakkad and Kannur for which land has already been acquired, and IT-IT Enabled Services (ITES),” the finance minister said

The budget expects a revenue of Rs 1,38,655 crore and expenditure of Rs 1,84,327 crore. There is a “revenue deficit of Rs 27,846 crore, which is 2.12 per cent of the state’s GDP. The fiscal deficit has been pegged at Rs 44,529 crore, which is 3.4 per cent of the GDP.

The Budget left the present Rs1,600 monthly social security pensions untouched, save for an assurance that the payments will be prompt in the coming financial year.

The budget has given a boost to the public education sector in the state. Rs 1032.62 crore have been included in the budget for the public education sector. Rs 10 crore have been allocated in the budget to make schools differently-abled friendly and Rs 27.50 crore to make schools technology-friendly. Additionally, Rs 5.15 crore to ensure education for children from marginalized sections, Rs 14.80 crore for the educational needs of children with special needs, and Rs 33 crore for the modernization of schools have been allocated in the budget.

Accusing the Centre of imposing an ‘economic embargo’ on Kerala, Balagopal said the state will have to devise a ‘Plan B’ if the situation continues

Balagopal said the government plans to review the National Pension Scheme (NPS) and implement a ‘revised scheme’ for state pensioners. The price of Indian-made foreign liquor in Kerala, which is already the highest in the country, would go up further with the decision to slap a gallonage fee of Rs 10 per litre.

A total of Rs 1698 crore has been earmarked for the agriculture sector in the budget. Rs 65 crore has been earmarked for coconut development and Rs 4.6 crore for the spice sector. Rs 2 crore will be allocated for increasing crop productivity, Rs 36 crore for the establishment of the Kuttanad agri development project; Rs 78.45 cr for pesticide-free vegetables; Rs 93.6 cr for paddy production.

The finance minister announced an increase in the support price of rubber by Rs 10 to Rs 180. the support price is Rs 170. The government has announced a nominal increase in the support price in the budget.

Opposition leader VD Satheesan questioned the credibility of the state budget presented by finance minister K N Balagopal . Terming the budget as “a politically motivated document, Satheesan said the finance minister ruined the sanctity of the budget document by filling it with political announcements

BJP state president K Surendran said here is nothing in the budget for the development and growth of Kerala.

“There is nothing in the budget to save the financially devastated Kerala. The welfare pension has been stalled for months. The budget does not give any hope to the common man,” he said.