On 5th Feb 2024 Kerala government presented a budget for the state. KN Balagopal, Kerala finance minister declared the fourth budget under the government of Pinarayi Vijayan.
Kerala Budget 2024
The finance minister KN Balagopal on Monday said that the government will be working to bring in around Rs 3 lakh crore worth of investments within the next three years.
The budget has estimated the revenue for the financial year at Rs 1,38,655 crore and expenditure of Rs 1,84,327 crore. This was Rs 1,26,837 crore of revenue and Rs 1,68,407 crore in total expenditure as per the revised estimate for 2023-24.
The state’s revenue deficit for the year is expected to be Rs 27,846 crore or 2.12% of the gross state domestic product.
For Kerala, the fiscal deficit is pegged at Rs 44,529 crore or 3.4 percent of the Gross State Domestic Product.
In a major announcement the minister said that the Vizhinjam International Sea Port is set to be operational within the next two months. We have also declared interim packages as well as long-term packages. This budget also leads to improving the overall infrastructure of Kerala.
Kerala Budget 2024 Key Points
Some of the key points of this new budget 2024 are –
- Indicating that the government of state would go ahead with its development based plans.
- Announcing more support to the higher education sector, the minister embarked Rs 250 Crore for the digital university.
- Through this budget the government intends to develop a special development zone to use the entire development potential of Vizhinjam.
- Balagopal proposed to develop a special company to identify and agglomerate parcels of land available in Kerala suitable for industries.
- Also distribute the similar among entrepreneurs for basic infrastructure development to boost the economy and infrastructure development.
Kerala Budget 2024 Significance
- It provides insights into the economic direction the government intends to take.
- This includes measures to boost economic growth, create jobs, and address any economic challenges the state may be facing.
Measures to address land scarcity
- Reforms will be made in the land sector to ensure the speedy issuance of sanctions without compromising the conservation of the environment and climate.
- To resolve the issue of land scarcity, an expert committee will be constituted to study these matters and submit a report within three months depending on which further actions would be taken.
- To encourage investment in agriculture, the government will motivate the consolidation of fragmented holdings for profitable cultivation of crops.
- Care centres of international standards
- Considering the state’s fast-growing ageing population, a scheme will be formulated to set up care centres to facilitate health care and protection.
- Care will also be provided to foreigners and people outside the state in these centres.
- The minister said these care centres can be developed into international standards with the private sector’s participation.
Higher Education hub
- Balagopal said that schemes to attract capital investment within the education sector would be implemented and legal amendments would be made for enabling students from outside the state to pursue higher education in Kerala.
- To stem the flow of each student abroad for higher education, the budget proposes to convert Kerala into a higher education hub.
- The objective of initiating this scheme includes formulation of a huge education investment policy.
What’s New in Kerala Budget 2024?
This year the state government intends to formulate comprehensive policies and connected programs including changes needed in Kerala’s higher education structure.
This policy of higher education hubs include special incentives and packages to attract investments for implementing new higher education in institutions in Kerala.
A revised scheme will be formulated to execute an assured pension system.
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