Kerala Budget : FM Balagopal increases rubber support prices.

Kerala Budget Finance Minister K.N. Balagopal presented the state’s budget for the fiscal year 2024-25, focusing on bolstering the agriculture sector and addressing key developmental needs. Allocating Rs 1698.30 crore for agriculture, he increased the minimum support price for rubber from Rs 170 to Rs 180, responding to the demands of rubber farmers.

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Despite the alleged financial constraints, Balagopal emphasized the government’s commitment to development, with plans to invest Rs three lakh crore in the state. Notably, Rs 5000 crore is earmarked for tourism, Rs 351 crore for travel and tourism, and Rs 250 crore for the Digital University to support higher education.

In addressing the state’s financial challenges, the finance minister attributed them to the Center’s economic policies and purported negligence towards Kerala. To enhance revenue, increased taxes on vehicles, electricity, and stamp duties are proposed. Additionally, a two-rupee per litre cess on alcohol, gasoline, and diesel is expected to generate around Rs 1150 crore, benefiting the Social Security Seed Fund.

The budget outlines initiatives such as the Make in Kerala project, with Rs 100 crore allocated to boost manufacturing. A new energy park for renewable sources and support for Thiruvananthapuram and Kochi green hydrogen establishments are also planned. Balagopal emphasized the need for a high-speed rail system and ongoing discussions with the Central government regarding the K-Rail project.

Furthermore, a commission will be established for the Nava Kerala Nagara Nayam, focusing on a new urbanization policy. Inflation control measures, involving Rs 2000 crore for interventions in 2023-2024, are highlighted in the budget.

Balagopal’s budget aims to address various sectors, foster development, and overcome financial challenges through strategic allocations and revenue-enhancing measures.

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