Thursday, December 14, 2023

Kerala Budget: Rs 2,000 Crore To Tackle Price Rise; Petrol, Diesel prices hiked by Rs 2 per litre

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In the latest Budget for Kerala is allocated to Rs. 2,000 to combat price inflation and Petrol and diesel prices increased by Rs 2 per liter on February 3 in Kerala. The budget for the 2022-23 fiscal year was presented to the legislative assembly on Friday by Kerala Finance Minister K N Balagopal.

Today, Balagopal began his speech by presenting the state budget for 2023 to the legislative assembly.
Since taking over as the state’s Finance Minister, Balagopal has presented three budgets.

To curb inflation, Rs. 2 billion were allocated in the budget. According to Balagopal, the state of Kerala experienced the lowest price increase in the nation despite being a consumerist state. According to the finance minister, diesel and gasoline prices in Kerala will rise by Rs 2 per liter.

The minister stated that a financial crunch is anticipated this year and that the Centre has reduced its assistance to the state.

Although the state government is experiencing difficulties as a result of the central government’s financial policies, the finance minister assured that Kerala is not in debt and that the state is in a position to take on additional loans.

As part of the push to create a knowledge economy, the Finance Minister makes an announcement about a separate budget for research and development. According to Balagopal, the state has been working to keep young people in the state and reduce their migration to other countries.

“Young people relocate abroad in search of work and education. Central expression schemes are required for this. Each year, the government spends Rs 50,000 on each student. The minister stated, “Second generation development activities require the State government will encourage youth to remain in the state by creating improved living facilities and new job opportunities.”

Moreover, the finance minister stated that construction of an IT park in Kannur will begin this year and that the digital Science Park in Technopark, the state capital of Thiruvananthapuram, will be finished by May.

During the duration of the project, the minister stated that Rs. 1000 crore will be allocated for “Make in Kerala.” The budget for the following year is Rs 100 crore.

Meanwhile, the development of waterways received Rs 300 million from the budget, and the development of 1933 kilometers of highways in Kerala received Rs 133 million. The implementation of the work-from-home model in the tourism industry has received Rs 10 crore.

Apar6t from this, the minister stated that ne nursing colleges will be established in Idukki and Wayanad medical colleges, in addition to the state’s taluk hospitals and general hospitals, due to the high demand for nurses.

Twenty crore rupees have been allocated for the purpose of attaching colleges to 25 hospitals in the initial phase. The minister stated that health tourism and making Kerala the health care capital will receive Rs. 1000 crore.

On the other hand one liter of Indian-made Foreign Liquor (IMFL) priced between Rs 500 and Rs 999 is subject to the cess, which is Rs 20. Rupees 40 on IMFL with a price above 1000 Balagopal stated that the state government has identified 64,006 extremely poor families and has also prioritized poverty eradication in the budget.

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