Kerala finance minister, KN Balagopal, presented the state budget for the year 2024-25 today. This comes at a time when chief minister Pinarayi Vijayan is facing criticism due to financial difficulties.
Here are the key highlights from the minister’s budget speech:
Kerela Budget 2024 Highlights: Old cars and furniture will have a scrapping policy implemented in government offices
➤ The finance minister declared that government departments will implement a strategy of destroying used cars and furniture. He went on, estimating revenue of ₹200 crore.
Kerela Budget 2024 Highlights: Liquor prices to go up further
➤ Gallonage fee on Indian Made Foreign Liquor to be increased by ₹10 per litre. An additional revenue of ₹200 crore expected.
Kerela Budget 2024 Highlights: Funds allocated for the NoRKA Department Project for Returned Emigrants scheme
➤ The NoRKA Department Project for Returned Emigrants project, which was established to assist returnees in earning a living, has been allocated ₹25 crore.
➤ Additionally, ₹44 crore has been set aside for the restoration program that would be applied to these sections.
Kerala Budget 2024 Highlights: Rs 50 crore to boost tourism at 20 spots
➤ Steps will be adopted to attract investments of ₹5000 crore towards the tourism industry.
➤ 20 destinations will be developed for the purpose.
➤ In the first phase, Varkala, Kollam, Munroe Thuruth, Alappuzha, Munnar, Fort Kochi, Ponnani, Beypore, Kozhikode and Bekal have been identified for this purpose.
Kerala Budget 2024 Highlights: State to attract investment in higher education
➤ A new task force of Pravasi academic experts to be formed to improve the quality of higher education.
➤ Expert meet from Europe, US, Singapore and Middle East will be held in May and June. A higher education transformation initiative global conclave has also been planned.
➤ State will explore the feasibility of setting up foreign universities in Kerala.
Kerala Budget 2024 Highlights: New Fishing Harbour at Pozhiyoor
➤ A new fishing harbour to come up at Pozhiyoor in Thiruvananthapuram. Rs 5 crore allocated as a preliminary measure.
Kerala Budget 2024 Highlights: Boost to ecotourism
➤ FM announce setting up of Kerala Forest Ecotourism Development Authority.
Kerala Budget 2024 Highlights: 5 lakh houses to be built by next year
➤ Rs 1132 crore allocated for LIFE housing project.
➤ 3,71,931 houses have been completed after spending Rs 17,104.84 crore.
Kerala Budget 2024 Highlights: Safari parks to be set up in North Kerala
➤ Safari parks will be set up in North Kerala to boost tourism.
➤ Park will be set up in Nadukani in Taliparamba, Kannur, and a Tiger Safari park in Muthukad in Kozhikode.
Kerala Budget 2024 Highlights: Malabar International Port to be developed
➤ In a first in India, the state will eradicate extreme poverty by November 2025. This will be a record in the country, says FM Balagopal.
Kerala Budget 2024 Highlights: Malabar International Port to be developed
➤ An allocation of Rs 9.65 crore has been made for developing the Malabar International Port that is bound to benefit north Kerala and south Karnataka.
Kerala Budget 2024 Highlights: KSRTC to be new BS6 standard buses
➤ The state road transport gets an allocation of Rs 128.54 crore. It will get new BS6 standard buses
Kerala Budget 2024 Highlights: Education sector gets Rs 1,000 crore
➤ Each district will get one upgraded model school. A new grading system will be implemented to evaluate school quality, accompanied by the introduction of residential training programs for teachers.
➤ Furthermore, the General Education Department is set to provide training in artificial intelligence (AI) as part of the state’s proactive approach in addressing challenges presented by AI and deepfake technology.
Kerala Budget 2024 Highlights: Sabarimala master plan gets Rs 27 crore
➤ Sabrimala gets Rs 27 crore
Kerala Budget 2024 Highlights: Tourism gets Rs 350 crore
➤ Tourism sector to get an allocation of Rs 351.41 crore
Kerala Budget 2024 Highlights: The MSME sector will receive Rs 215 crore.
Kerala Budget 2024 Highlights: The cashew sector has been earmarked Rs 53 crore.
Kerala Budget 2024 Highlights: Operation Breakthrough, a project to address flash floods in Kochi city during rains, has been allocated Rs 10 crore.
Kerala Budget 2024 Highlights: The Zoological park in Thrissur will be developed to an international level with an allocation of Rs 6 crore.
Kerala Budget 2024 Highlights: A Tiger safari park will be established at Muthukad in Kozhikode.
Kerala Budget 2024 Highlights: Rs 2 crore has been set aside for the primary expenses of the Naadukani Safari park project, which is estimated to cost Rs 300 crore.
Kerala Budget 2024 Highlights: The cultivation of sandalwood will be encouraged.
Kerala Budget 2024 Highlights: Rs 83 crore has been allocated for soil protection, and Rs 78 crore has been set aside for the safe vegetable project.
Kerala Budget 2024 Highlights: Rs 40 crore has been allocated for the Punergeham project, aimed at rehabilitating those living in the coastal areas facing severe erosion. This is double the amount allocated in the previous budget.
Kerala Budget 2024 Highlights: The government claims to have created 2.36 lakh job opportunities in the agricultural sector.
Kerala Budget 2024 Highlights: Finance minister KN Balagopal emphasized the potential of tourism in Kerala.
Kerala Budget 2024 Highlights: The finance minister suggested the development of special zones similar to the Chinese model.
Kerala Budget 2024 Highlights: An investment of Rs 200 crore is envisaged for the Digital University.
Kerala Budget 2024 Highlights: The minister aims to make Kerala a medical hub.
Kerela Budget 2024 Highlights: Stamp duty for land, building lease agreements to go up.
Kerela Budget 2024 Highlights: Tax and registration fees to be decreased for All India tourist buses registering in the State.
Kerala Budget 2024 Highlights: Centre can’t destroy Kerala economy: FM
➤ Despite the Union government’s efforts to stifle Kerala’s economy, Finance Minister K.N. Balagopal asserts that the state’s economic resilience cannot be undermined. Balagopal likens Kerala’s economy to a sunrise, rapidly ascending due to advancements in science and technology. The Kerala model of development, with its focus on achieving a high human development index and progressing in sustainable development goals, has played a crucial role in this upward trajectory.
